just remember that if rates rise gold will fall.

That is not necessarily true. Gold will fall if people have a restored confidence in the paper currencies. In order for that to happen the real interest rates will have to be positive. That is to say that the interest rate minus the inflation rate yeilds a positive number (That rate is currently negative and people are loosing purchasing power by putting it into t-bills).

In the late 1970's Paul Volker raised interest rates to above the rate of inflation and broke it's back. The cost to the economy was stagnation and high unemployment.

I personally think there is way too much debt at all levels in the US for a repeat performance. Instead I think they will fight fires as they erupt and continue the current policies of loose money and stimulus.