FED INFLATION HAS LESS IMPACT
The chart below shows the ratio of the gold price to the monetary base for the past one hundred years.
The monetary base used in the chart is calculated by the St. Louis Federal Reserve and the following definition is from their website:
“The Adjusted Monetary Base is the sum of currency (including coin) in circulation outside Federal Reserve Banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve Banks. These data are adjusted for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories.” (source)