Quote from Brimelow below:

http://www.marketwatch.com/story/gold-stumbles-but-bugs-see-rebound-2010-03-29

"From a completely different angle, those who view gold through the prism of U.S. monetary conditions have something equally exciting to contemplate: a possible massive breakdown of the 30-year bond chart after a poor auction this week.

Dow Theory Letters' Richard Russell said of this on Wednesday: "I believe it would mark the end of the 25-year bull market in bonds. That bull market (a trend of lower interest rates) has been a major force for the great bull market in stocks and the economy that began in the early 1980s. ... The current yield on the 30-year Treasury bond is 4.62%. Technically, this chart implies that the yield on the long bond could rise to near 7%."

A gold-friendly interpretation of this: rising inflation expectations. "