Fed to unwind its balance sheet.
This SHOULD be bearish for gold because theoretically it should strengthen the dollar and raise interest rates. But practically, all this will do is crash the economy, forcing the Keynesians at the Fed to backtrack, expand their balance sheet, and cut rates back to zero, or even negative. So my bet is it's bullish for gold, even if it takes a little bit to get there, and a lot of pain overall. These Keynesians never learn.