Today long-term interest rates are jumping with the political backdrop. The precious metals are selling off. The story goes that rising interest rates are bad for gold. Just look at what happened as rates started rising in 2016 for example. Right?

Wrong. That was within a greater trend of a flattening yield curve. Today is within a 1.5 year old trend of yield curve steepening.

A steepening yield curve is usually beneficial to gold. While I will certainly manage risk as/if needed, the pullback in the precious metals (amid much news cycle uproar) is normal and the yield curve is normal too. Just a quick FYI snapshot. Nothing has changed on this ongoing macro indicator. Indeed, it is furthering its status.