The positive correlation between gold and inverse real yields is clearly visible throughout most periods. When the inverse real yield line is above zero (meaning actual real yields are negative), gold tends to perform well as there is no real return from holding bonds after accounting for inflation. Conversely, when the inverse real yield line is below zero (meaning actual real yields are positive), gold faces headwinds. The dramatic spike in inverse real yields during 2020-2021 (when actual real yields plunged deeply negative) coincided perfectly with gold reaching near-record highs above $2,000/oz.