Gold Makes a New ATH
Gold has hit a fresh all-time high, and the macro signal is clear.
In 2025, Gold is closely tracking Japan’s 10-year bond yield.
As yields rise, Gold continues to move higher.
With Japan inflation increasing and the BOJ tightening, there is little room for yields to fall.
As long as bond yields remain elevated:
Gold’s rally is likely to continue
Liquidity is unlikely to rotate into BTC and altcoins
📊 Bond yields remain the key level to watch.
