NST Share price post merger, page-560

As you point out, inflation has been low in the 13 years since the GFC.
Thus the absence of inflation means that the central banks have every excuse to hold interest rates down and the US government can continue borrowing.at low interest rates.

The point of my original post is that we are getting closer to the point where this breaks down.
The intermediate stage will be where inflation reappears but the central bank holds down interest rates, partly because the central bank has been burned before by false dawns on the inflation front, and secondly, the unspoken reason will be the knowledge that the government cannot afford for interest rates to rise and what that might mean for employment.

This is what the Fed is saying in respect to their dual mandate of price stability and full employment.

"In order to anchor longer-term inflation expectations at this level,the Committee seeks to achieve inflation that averages 2 percent over time, and therefore judges that, following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time."
https://www.federalreserve.gov/monetarypolicy/files/FOMC_LongerRunGoals.pdf

They are prepared to tolerate inflation above 2% for some time, even without having their arm twisted by government.

The intermediate stage of rising inflation and suppressed interest rates ought to be good for gold.

Cheers