Inflation-adjusted interest rates remain sharply negative, yet the COMEX gold price remains down on the year. On a historical basis, this is a very odd divergence, and it sets up an interesting trade as we move toward 2022. Much has been made of the current drop in inflation-adjusted or "real" interest rates. And what are real interest rates? The rate of return a bondholder sees once inflation and loss of purchasing power is taken into account. In its simplest form, subtract the annualized inflation rate from the nominal interest rate. See below: Current yield on U.S. ten-year treasury note: 1.60% Current annualized ... (full story)