SEWells, you are absolutely correct on this one. No way they can raise short term rates. Maybe someone could run the numbers as to what the interest payments would be if rates were even 3% as compared to today's near zero.
What a hoot it would be for the Fed to print all this money and buy gold with it. Manipulate the price down as long as you can while buying all the gold you can. But that would require actual intelligence.
It looks like a smart move at this point. I wonder if the Fed has a gold trading division that we don't know about?