If your inflation thesis were correct gold in US dollar term would be north of $3k already based on yield minus inflation i.e negative real yield of -8.35% (like the 70's), but it isn't. Therefore the gold inflation thematic has proven to be incorrect in this post 2008 monetary world. Gold has proven to be far more correlated to the dollar yen cross which has more to do with Japanese clearing houses then inflation.
gold $3500 aud with 21 days, page-39
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