So, a global debasement trade wouldn't necessarily show up in US bond yields, right?

I'm also thinking there could be a bifurcation at some point, with those doubting the system not wanting bonds at any yield and those believing in the system thinking it's business as usual.

It's really wild that pullbacks like this are discussed in such a transparently stupid way. Almost everyone who owns gold is way up over the past few months and they don't care about a slight down tick.