The rising rates back in the 1970's and early 1980's were directly correlated to the massive increase of the money supply when the US went off the "gold standard". In addition, it was unlawful for Americans to even own gold bullion coins until President Reagan, restored that right. There was a large pent up demand for gold. With this latest tax reform and announcements from several international companies, it seems the net effect of offshore dollars pouring back into the US should have a similar effect on the price of gold, especially as a "safe haven" play. The bonds owned by the FED are junk, I can't imagine who would even buy this nonsense. QT we know who the seller is, the only question is who is the buyer?