"...It is reasonable, given the recent run of data, to think that another round of quantitative easing is less likely in the U.S. That surely must reduce the current value of gold, which unlike dollar bills can't be made to come into existence by a central banker.
"But it is important to remember that the impact of QE isn't over simply if the Fed no longer prints money. There is still the issue of how to retract the huge amount of liquidity from a recovering economy.
"It is important to note that longer-term U.S. debt has been selling off very strongly recently. That could be entirely benign, as it could simply reflect a more optimistic outlook for growth and hence a more normal outlook for inflation..."