Maybe inflation is transitory?

Money printing in real terms is admittedly at the top of the historical range of this data set but its not beyond what we have seen.

Maybe inflation is transitory? Maybe it's not. It is clear that a vast majority of the additional money printing causes asset inflation otherwise this chart would look a lot different. i.e. if gold didn't have a significant move up then this chart would have broken out to a new ATH a long time ago.

Yes these charts are Raoul Pal inspired so nothing original is going on here but I find the idea of making gold the denominator or unit of account, to be a fascinating lens to view things.