The seizure of Russian assets (estimated $6 billion in the US) is likely to happen, which will create a risk premium for US bonds and similar US dollar assets, causing their prices to drop and yields to rise, leading investors to move to gold. This event is expected to occur in the near future, as US politicians passed a bill last month giving the treasury authority to do this.
"Although this seizure hasn't happened yet it's likely that it will happen due to its popularity with Democrats and the US government's own geopolitical imperatives there's just one problem and that's that this will be an even bigger watershed moment for anyone holding us bonds or indeed other US dollar assets as many macro analysts have pointed out seizing Russia's assets and sending them to Ukraine or wherever else would likely create a risk premium for us bonds and similar assets put differently it will likely cause their prices to drop and yields to rise as investors Run for the hills or rather to Gold"