Hey, not quite. What you are looking for is the relationship...

Hey, not quite. What you are looking for is the relationship between inflation and the yields. The so called real yields, i.e. how much you can get risk free (or in these crazy times how little you lose). These bottomed out a while ago around -1.08, but are now around -1.02. During the gold booms the real rates went to something like -4%. You can keep track of it here if you are interested: https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield.

Although the thesis that inflation is coming is certainly possible there is a lot of innovation lowering cost curves in a lot of industries so its not necessarily guaranteed. Also employment has been lower which tends to keep a cap on inflation.

Then for the Australian miners there is the whole other dynamic that the AUDUSD exchange rate is tightly pegged to infrastructure spending or so called mining booms. This in general seems to be increasing as the world changes which has a positive effect on the Australian dollar as people need to import our raw materials and so pay for them in AUD.

HTH