Gold is up about 16% relative to the dollar over the last two years (Biden's presidency) and to me that really should be a straight line and thus the US dollar is down 16% due to inflation. There has been a hidden tax of 16% that has been taken out of every bank account, every investment, every holding of every American. People think that the Dow is essentially flat over the last two years, no, on paper it looks the same but in reality 2023 dollars are worth 16% less than 2021 dollars. Same thing with the S&P 500. Same thing with your house.
However, oil is up from $48 a barrel to $80 a barrel. That would suggest that the real inflation is around 67%. Therefore I suggest that gold price is a lagging indicator of inflation while oil price is predictive of where it is going. So although we have suffered 16% inflation, that is averaging 8% a year and according to history that means we will have five more years of high inflation, but if oil prices don't come down soon we will eclipse that number with staggering inflation closer to 30% per year.
The difference is going to be AI. Businesses will be able to operate at a 30% reduction in cost (cut out labor) but that in turn will result in unemployment on a scale we have never seen, depression and a welfare state worse than any in human history. We know that the elites consider unemployed "useless eaters" so that should give you an idea of where we are headed.