The US debt "grey rhino" is running wild.

As US President Trump embarks on his second term, the US fiscal issues are worsening, and the US bond market is in turmoil. On May 14th local time, US bonds experienced a sharp decline, with yields across various maturities all rising. The yield on 2-year US treasuries rose by 4.65 basis points to 4.042%, the yield on 3-year US treasuries rose by 5.88 basis points to 4.043%, the yield on 10-year US treasuries rose by 6.93 basis points to 4.534%, and the yield on 30-year US treasuries rose by 6.57 basis points to 4.971%. Under the impact of soaring US bond yields and other factors, gold prices fell by over 2% on May 14th, reaching a low point in over a month. Spot gold fell by 2.1% to $3178.50 per ounce, the lowest since April 11th. US gold futures settlement price fell by 1.8% to $3188.3 per ounce. Despite the pullback in gold prices from historical highs, the market generally expects that this bull market for gold is far from over, with the key support being the escalating credit crisis of the US dollar, the fall of US treasuries, and the rise of gold. From the tariffs imposed by the US in April to the concerns about financial deficits in May, the increasingly frequent sharp declines in US bonds are sending a dangerous signal: the "grey rhino" of US bonds is growing ever larger.