I would agree partly to Jim Rickard's Ice9 theories and he posits that it is not easy to change the velocity of money but once it does change, it goes quickly. I do not believe the central,banks will lose control though. Everyone from Peter Schiff to Stan Druckenmiller said they would but they were all proven wrong.
I have a different opinion though on the inflation fears once the virus is cured. A big boost in profit from the consumers returning to the normal consumption habits would not see much movement in the price of PMs since higher profit for companies means their share price will rise dramatically. PMs do not have yield and if the Big 4 banks as an example start distributing dividends again, all the fund managers who had ditched them will pull their money out of PM related instruments and go into the big 4, Reits, Utilities, Telco again. Holding PMs earns nothing and costs money to keep them. Holding PMs in a topping economy is a life changer, say hello to the guys who bought silver at USD$12 this year. But In a booming economy, holding PMs is silly.
Interest rates will remain low as long as gold price remains low; do not forget Paul Volcker. Debt was never a problem for governments, PMs are. The best way for governments to dislodge PMs from people is to increase interest rates.
SVL Price at posting:
27.5¢ Sentiment: Hold Disclosure: Not Held
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