Bond market pricing turns overly hawkish as gold slides nearly 6% in the month

The article argues that U.S. Treasury markets are pricing an overly hawkish path for Federal Reserve rate increases, pressuring gold, which is down nearly 6% this month. The author says the decline looks outsized versus gold’s historically flat median performance across past Fed hiking cycles. On that basis, the piece frames gold as the trade and outlines a contrarian, buy-the-dip approach.