TGR: In our last interview you said, "Gold takes off when money supply and deficit spending grow while real interest rates fall below zero-that is, when the rate of inflation exceeds the nominal interest rate." Looking around the world, we see that the U.S. and European governments at the very least are engaged in fiscal policies that are both growing the money supply and increasing deficit spending. I think that we're going to see gold gradually grow in value relative to other currencies in the world for two reasons.