Jordan Eliseo, the Chief Economist at ABC Bullion gave us an exclusive interview discussing the key drivers of the gold market. With the gold holdings within ETFs back to 2009 levels, much of the speculative froth is out of the market. While Jordan sees real rates as a potential risk in the short term, he doesn't see the risk as sustainable. The world is addicted to cheap debt, and when yields rise, the economy hurts. For example, when the US 10-year yield reached 3% last year, US mortgage applications fell by as much as 50%. Yields can only rise so far in this situation. And with savers facing resulting low rates on deposits, Jordan sees gold as a far better alternative: &