Jim Grant says gold has a 'fairly bright future' after recent rally

James Grant, founder and editor of Grant's Interest Rate Observer.
Ramin Talaie | Bloomberg| Getty Images

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The combination of rock bottom interest rates and historic stimulus has created a bullish environment for gold, Jim Grant of Grant's Interest Rate Observer said Tuesday. 

Gold prices have spiked to new records in recent days, rising past $1,900 per ounce. Grant told CNBC's "Squawk Box" that he thinks the precious metal still has room to run, saying the Federal Reserve and Treasury Department have "challenged the notion of scarcity in the world."