Gold surged past $3,500/oz for the first time, driven by Fed rate-cut hopes. Spot gold hit $3,508 before easing to $3,495, while US futures climbed to $3,562. Prices are now 100x higher since Nixon ended Bretton Woods in 1971. Economist Peter Schiff expects "major gap-ups" for gold, silver ETFs & miners. Retail sentiment on GLD is 'extremely bullish'.