One of the most important aspects is the steepening of the yield curve - when people worry about Fed independence taking a structurally dovish view long-term due to political pressure.

The dollar is trading at a 3% risk premium discount to model values, similar to 6% discount when Trump announced tariffs last April.

Gold has many tailwinds - geopolitical tensions in Iran, dollar risk premium, and as a non-fiat asset questioning US balance sheet.

I'm surprised implied volatility is low and yield curve isn't steeper given potential Supreme Court ruling on tariffs that could increase deficits.