Hemorrhage vs Injection Phases

While many are calling for the onset of another hemorrhage phase, they ignore the setup in the yield curve trend. A transition from steepening to flattening, as reflected by a trend line break yet to occur, would represent a transition form hemorrhage to injection phase. What does this mean for gold? Not much other than faster price appreciation. The transition's influence on stocks and bonds will grab more headlines.

U.S. Treasury Yield Curve: US LT Treasury Bond Yield- 3M US Tbill Yield (TBD-TB3MS) and Gold London PM Fixed: