While looser monetary policy may seem bullish in the short term, the medium-term ramifications could upend the yellow metal.Recession Pessimism AheadThe ‘bad news is good news’ trade continues to dominate the financial markets, as weaker economic data is perceived as bullish for risk assets. In a nutshell: if the Fed pivots and ends QT, all of investors’ problems will disappear. However, while the narrative has helped gold, an ominous economic backdrop should result in much lower prices in the months ahead.