govts will want much, much higher gold prices , page-20

Well, I must say that notwithstanding your clarification I am still left in the dark because what I believe you are saying is that there is some kind of mysterious inflationary gap (see link bellow) that cannot be adequately identified at this stage because the terms of trade have been moving in a direction favorable to us. I must tell you that I never heard about such a thing in my entire life and I have been around for several decades.

When foreigners stop buying from us at record prices then there will be an adjustment not necessarily in terms of prolonged and generalized increase in the internal prices of the economy but in terms of a depreciation of our dollar.

People that currently feel inclined to go on holidays to Europe will start having their holidays here while people accustomed to buy luxury imported cars on credit will swap that for normal cars if, as expected, interest rates move up mas they did during the time of the recession that we had to have.

You can have price increases without having inflation,
as inflation is a rise in the GENERAL level of prices of goods and services in an economy over a PERIOD OF TIME.
( See link below). And you cannot have inflation without expansion of the money stock which the reserve bank controls and an expansion in wages rates.

What I am trying to say is that your idea that an external disequilibrium caused by a trade deficit (exports not being able to cover imports) necessary implies changes to the internal price structure. It does not.

However is you believe otherwise, then there are a lot of other options available to you in order to protect your assets against the ravages of inflation, including the purchase of inflation indexed bonds and foreign assets.

http://en.wikipedia.org/wiki/Inflationary_gap

http://en.wikipedia.org/wiki/Inflation