Tocqueville: What is Happening With {Gold, the Fed, Interest Rates and more}?

``a rise in nominal rates could impact the fiscal position of heavily indebted sovereigns such as the U.S. The average interest rate on the $17 trillion of US debt is only 2.5%, the lowest in more than a decade (chart below), and seems to have nowhere to go but up. Every 100 basis point rise in the cost of that debt would add $170 billion to the fiscal deficit and therefore require incremental issuance of treasury obligations.''