Gold broke below $4,000 and is down about 30% from its late January highs. Real yields have fallen sharply as the 10-Year Treasury dropped from 5.35% in early October to below 4.9%, yet the metal still can't rally. Jim Iuorio of JI Financial Strategies explains why gold may be trading like a risk asset rather than a safe haven. The next test comes with the November 6 employment report. A weak jobs number plus continued Nasdaq-100 volatility could push the Federal Reserve toward a less hawkish stance and closer to neutral. For retail traders, the question is whether falling real yields will finally outweigh the market's appetite for risk.