Gold prices broke down below their 50-day moving average, closing the week at $1,728.80 per ounce. As the details of the Biden administration’s $1.9 trillion COVID relief package emerge, the economic effects of such massive infusions of dollars are coming into focus. The 10-year Treasury bond, which is used by the U.S. government to finance its budget deficits, has seen a sharp rise in yields in response. This rise indicates that the bond market believes the Federal Reserve may not be able to rein in the inevitable inflation spurred by these massive stimulus efforts. There is also concern that these efforts will increase inflation without providing any meaningful stimulation to economic growth. Gold remains the hedge against the danger of inflation. Rick Andrews is president of Avant Capital Management.