someone refute this please, page-37

Nothing to refute. Japan has been using QE for over 10 years now. The money supply is only one side of the inflation equation. The other side is the supply of the goods and services available to be bought by the money. If there is "slack" in the economy e.g. unemployment, under capacity production etc. then these things can and will absorb the increase in money supply, before you see any inflation.

this is a basic failing of most people who believe that money printing = inflation = increase in gold prices. Most people are lazy and could not be bothered reading past a few plausible but inaccurate sound bites.