Yields on USD denominated financial instruments rose during the last bull market in gold because the US dollar was loosing value. Despite what the financial media, mass media, hedge funds, mutual fund managers think or are telling you, rising interest rates/yields are a negative for the US dollar and a positive for gold and silver.
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Never mind gold and silver, the US dollar during the last gold and silver bull markets lost a lot of value against other government fiat tokens.
What did gold and silver do during the rising interest rates and yields during the decade of the '70s?
As interest rates rise the US stock market will crash, as well as the price of US government notes and bonds (the "safe" stuff), as well as the price of houses in the US. The US was not a net debtor nation at the beginning of the '70s. This time around it is not only a net debtor nation, but a huge record breaking net debtor nation with , so far, no intentions of changing. The US has so much debt now a days, not only is it going down the tubes, but it should stay down for a number of decades. Many many decades.
When most everything around you is crashing down, real non-leveraged stuff (most real estate is highly leveraged and illiquid) becomes a safe store of value. Not only are gold and silver the best safe stores of value, they happen to be the historically best medium of exchange (real, actual money). At some point poeple will be happy to accept these metals instead of lousy government fiat tokens.