Under valued, page-104

Yeah, we agree that there are multiple components that factor into price inflation, but the critical issue that answers the questions raised in your initial post is that the monetary inflation is not the major factor at the present time, and monetary inflation is the component that has the biggest influence on the price of gold.
This is the reason why the Fed can make their claim about price inflation being transitory. They know that monetary inflation is being constrained by the velocity of money, and they are predicting that the supply chain and demand driven factors will be resolved soon via the anticipated Covid recovery.
The CPI is a calculated figure based upon the change in prices of multiple components, so by reviewing the calculation you can determine if the inflation is widespread or limited to a few components. Used car prices, for example, were up 45% over a month. This had a significant impact on the overall CPI calculation, but clearly it is not sustainable. The majority of other items in the calculation had much lower price increases, and some even had decreases.
So the fed has some credibility in saying that the inflation will be transitory, although that does not mean that I believe everything that the fed says.
The fed can increase the money supply but it cannot create inflation. It can only purchase bonds from the open market and not directly from the government. The commercial banks sell their treasuries to the fed, and the money they get becomes bank reserves held at the fed. So still no monetary inflation yet at this point.
The commercial banks create the monetary inflation when they create new money through fractional reserve banking when they make new loans to customers.
However, the banks currently have too much bank reserves, due to increasing customer deposits (from stimulus cheques and govt deficit spending), and decreasing lending. So the reverse repo facility at the fed is being used to absorb these reserves, using the treasuries that the fed has bought. This amount is now approaching one trillion dollars, which reduces bank reserves by 20%.
So not only is nearly one trillion dollars taken out of the real economy every night, but the banks have reduced capacity to create more loans (and money). This is deflationary.
As soon as the US govt deficit spending and fiscal stimulus gets overtaken by the deflationary forces, then there be major asset deflation, also known as a market crash.
When the market crashes the margin loans will be called, and every liquid asset, including gold and cryptos will get sold off to cover these debts, just as happened in 2008.
If you have read this far and understood, then congratulations, you have become one of the 0.1%.