This quote from the article explains the danger quite well:
"Intel's suggested defense against Spectre, which is called LFENCE, places sensitive code in a waiting area until the security checks are executed, and only then is the sensitive code allowed to execute," Venkat said. "But it turns out the walls of this waiting area have ears, which our attack exploits. We show how an attacker can smuggle secrets through the micro-op cache by using it as a covert channel."
"Intel's suggested defense against Spectre, which is called LFENCE, places sensitive code in a waiting area until the security checks are executed, and only then is the sensitive code allowed to execute," Venkat said. "But it turns out the walls of this waiting area have ears, which our attack exploits. We show how an attacker can smuggle secrets through the micro-op cache by using it as a covert channel."