Undoubtedly stagflation. Low velocity of money with relaxed monetary policy and fiscal spending to try and close the GDP gap is as stagflationary as you can get. Contrast that with genuine inflation like in 2000's; being that inflation was driven by the consumer and velocity of money was much higher. Gold will hedge either type of inflation over the long term. A lot of talking heads cite stagflation as the perfect environment for gold but one issue is the the consumer is living on an oily rag so that must be taken into account too.
Overall however yes stagflation is good for gold, especially if the consumer starts to lose faith in the currency amidst the CB's efforts to try and stimulate.
