gld inventory under 790 tons, page-124

Inflation arguments are pretty simple. Over time due to technological advances goods tend to deflate. Services tend to inflate. Asset deflation/inflation is mainly ignored by central banks.

So its services up 5-10% a year and goods down similar. The problem is you usually don't have to buy goods but you almost always need services.

I know that a few big generalisations but I'm sure you get my point.