Timber, I entirely agree. Interest rate can't and won't rise for some considerable time to come. The reasons for this are well documented. When I posted the A E-P interview, it was to merely pointing out mainstream media thinking, but the reality is that interest rate rises only come into play IF and WHEN the fed feel the need to put the handbrake on cheap money.
My inclination is for further debt/deflation in Europe in particular. The consequences are unknown, but until we see CB's get ahead of the curve, I see Europe slipping into a Japanese zombie style economy, whilst the US sit back to see if QE has made a difference, before following the same path 12 months later.
Sort the debt burden out first by whatever means, and then look for growth incentives. Unfortunately, the powers that be appear reluctant to make the hard decisions.
re gold in all of this, I simply don't know the answer, but I continue to rely on good old fashioned supply and demand, and whilst Asia absorbs supply and new mine production holds steady at best, a point of inflection must arise in favour of a rise in POG. It's just a matter of WHEN not IF.
