"If we go back to when gold was at $1900 [in August 2011], the negative real interest rates were 200 basis points. Then by December of last year, it went to plus 50 basis points. Now it's gone negative again, and gold is rallying. And I think that that's a key factor when we look forward, and I think we're going to continue to have negative real interest rates."So when inflation starts to rise like it did in the '70s, [the Federal Reserve isn't] going to be able to lift rates as fast as the inflationary rate because it will stifle the economy dramatically..."