10Y2Y spreads vs Gold Price

There are three noticeable yield flattening cycles since the 1990. 2 out of 3 coincide with gold price rising, while during 1990-1992 the gold price flat-lined.

Source of data:

• https://fred.stlouisfed.org/series/T10Y2
• http://www.quandl.com/api/v1/datasets/LBMA/GOLD.csv