Cross-asset schizophrenia this week: gold miners ripping while Treasury yields spiked. Classic dissonance.

Gold stocks rallying hard even as bond bears pushed yields higher. Normally these move in sync when inflation expectations shift, but we're seeing divergence.

Either gold is pricing in Fed pivot hopes that bonds don't believe yet, or Treasury market is pricing in higher-for-longer that gold miners are ignoring. Someone's wrong.

This kind of cross-asset chaos usually resolves violently. Watch the dollar and real yields for the tiebreaker.