Gold investors (like myself) assume that The Fed can only stimulate further in order to stave off deflation...but (crucially) with no hope of raising rates later, even in the face of the inevitable resulting inflation.
A rise in rates would simply crater everyone who has come along with The Fed so far - virtually all consumers and corporations holding high levels of debt. In such an environment of obvious inflation and Fed paralysis, gold could go much, much higher.
The Fed is paralyzed in both directions though. They can't really lower the rates much either. Obviously the fact that you hold a lot of gold and I hold little gold tells a lot about which direction we think is going to matter, at least in the medium term.
A rise in rates would simply crater everyone who has come along with The Fed so far - virtually all consumers and corporations holding high levels of debt. In such an environment of obvious inflation and Fed paralysis, gold could go much, much higher.