Traders see Fed rate hike in Dec 2011

Short-term interest rate futures traders deferred expectations that the Federal Reserve will tighten monetary policy until December 2011, after policymakers on Tuesday said the Fed stood ready to provide more support to the recovery.

Fed funds futures traders expect the Fed to keep its target rate below 1 percent until at least August 2012, trading in the contracts show.

If you take inflation into account, then real interest rates should stay in negative territory well after August 2012. I can't even imagine how high gold, silver, CHF, AUD, and CAD will be then.

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