And reduced the size of global negative-yielding debt (reducing the attractiveness of zero-yielding crypto)...
“The move in precious metals prices is most often in direct correlation with the direction of interest rates, particularly on sovereign interest rates, and particularly on U.S. sovereign interest rates. So, any firming in the interest rate is good for the precious metals price. Speculators need to determine whether this move higher in interest rates will continue.” - Historic Washout in Bond Market Clearly Impacts Precious Metals