Difference between interest and inflation rates.  If you have interest at 5% but inflation at 6%, real yield is -1%.  Typically when real yields go positive it pulls money out of metals because it generates real cash flow return (gold cash flow return obviously 0 - it's just cash, and cash must *do* to flow).  This time metals aren't buying it.  Probably predicting a huge pivot when the next thing breaks a lot of stuff in markets.