(https://www.cnbc.com/2026/08/07/gold-bugs-spend-180-million-betting-alls-clear-for-metal-as-bond-yields-stall.html) $180M on bullish calls while (https://www.cnbc.com/2026/08/07/trump-lisa-cook-federal-reserve.html) on mortgage statement charges. The narrative is clean: political pressure → Fed independence crumbles → inflation unanchors → gold flies. But here's the problem—10-year yields haven't budged.