So will this trend of rising yields and falling gold prices continue? Oliver thinks we should look at another Republican presidency for reference.

“Even with the Fed buying every bond in sight, the enormous deficits caused the dollar to buckle, and the yield on the 10-year bond surged to 15 percent as investors demanded inflation protection. Gold would soar twenty-five times from 1970 to 1980, wiping out debt in real terms, and setting the stage for Reagan,” he wrote. The president for most of the 1970s, of course, was Richard Nixon.