Article in this morning's San Antonio Express newspaper suggests that a rise in interest rates would have an inverse impact on precious metals prices. I'll have to scratch my head and figure out the mechanics, but it seems valid.
Given recent increases in prices of goods and services, and the inept means of measuring and reporting inflation, the Federal Reserve has been cautious about using interest rates to control inflation. The most likely reason is that the Fed isn't the only source of cash, now that the world is flush with it from U.S. (public and private) spending habits.
First-half 2015's broadest worldwide measure of rated corporate bond issuance rose by merely 2.3% annually, to $1.637 trillion. However, that slight gain owed everything to a 43% surge by offerings from US-domiciled companies, to $898 billion.