Read the Friday Afternoon Wrap-Up for 5/17/2013 and the Monday Morning Commentary for 5/20/2013

Steve St. Angelo – a/k/a “SRSRocco”; is BY FAR, the best “nuts and bolts” mining analyst out there.  Utilizing actual research – as I did as a buy- and sell-side equity analyst from 1996-2005 – he puts together the best forensic arguments for PM undervaluation in our world.  And I’m not talking about the vast undervaluation caused by non-stop Cartel SUPPRESSION; but instead, calculations of the marginal cost of production – of gold…

BREAK-EVEN GOLD NOW AT $1,300+

…and particularly, silver; whose fraudulent PAPER prices make nearly the ENTIRE silver mining industry unprofitable…

BREAK EVEN COST FOR SILVER RISES TOWARDS $30 AS COEUR, HECLA & SILVER STANDARD SHOW NET INCOME LOSSES

In fact, his fine work inspired several, recent RANTS…

Peak Silver Revisited: Impacts of a Global Depression, Declining Ore Grades & a Falling EROI – Steve St. Angelo

…including…

“PEAK SILVER?”

…and…

“UNENDING ENERGY INDEPENDENCE HYPE”

This week, I came across a piece he wrote detailing many of the arguments in “PEAK SILVER?”; demonstrating why silver MUST eventually trade above $100/oz – that is, in pre-HYPERINFLATED dollars…

The Forces that will Push Silver over $100

Ultimately, the Cartel WILL lose the WAR for $50/oz…

“ULTIMATE QUADRUPLE TOP BREAKOUT”

…resulting in a dramatic plunge in the gold/silver ratio – from its current level around

“54”; inevitably, to much higher levels.  In fact, my personal “targets” – based on the “mathematics of gold” formula below and a gold/silver ratio of between 5:1 and 15:1; are $15,000-$20,000/oz and $1,000-$4,000/oz, respectively…

Jim Sinclair revealed Trading Legend Livermore’s Mathematics of Gold

The reason I publish such research is help you realize just how draconian the impact of 15 years of price suppression has been.  Frankly, I don’t care what the ultimate “dollar value” of PMs end up being; as I own ounces in anticipation of the return of the gold standard, whenever that may be; at which point, the “dollar” as we know it will be no more.Similar Posts:

• Peak Silver?
• 54
• Surging Silver Investment

Read the Full Newsletter

Every one dollar in three is spent on the economy comes from the U.S. Government.  The Government borrows 43% of every dollar it spends.  This is clearly not sustainable.

The dollar is rising against everything!  Yen, Euro, Yuan and all other currencies.  Talk about the “best of a bad lot!”  We are in real trouble – could the rest of the world be in even more trouble?  If you go by the strength of the dollar, the answer is yes, because they are not coming over here to buy virtually zero percent bonds.

Last night Susan and I had dinner with our friends Terry and Sharon.  They are also long-time Miles Franklin clients.  Terry asked me how many people complain to us about the drop in prices.  I told him very, very few – certainly less than half a dozen (out of thousands of clients).  He was surprised.  But, when you think about it, it is not at all that surprising.  Our clients understand that physical gold is not for trading.  It is for LONG-TERM needs, or to be passed down to the kids.  The drop is only in the “dollar price,” which is temporary.  The number of ounces we hold remains the same – and we can choose to add to our portfolio at a 30% discount!  The only people who are upset are the people who think they own gold and silver, and participate in the paper market via GLD and SLV.  They never understood what gold is all about in the first place (or they wouldn’t own the ETFs).

The talk is that the Internet Tax will become a law in the next 12 months.  It has already passed the Senate and the feeling is that it will pass the House too, in spite of John Boehner’s promise of “no new taxes.”  We sure hope not.  The tax will affect all Internet sales – including gold and silver.  You will have to pay your state sales tax in addition to the price of your physical metals.  Your state will make several times as much on the sale as your dealer does.  This is simply wrong!

This is another reason to ratchet up your purchases now, before you have to add another un-necessary 5% – 10% to the price you pay for your coins and bars.

There will be no way around this.  It is so unfair that we are forced to pay a sales tax on physical gold and silver investments, but not on ETFs and mining shares.  They will do anything they can to discourage you from buying physical gold and silver.  Well, we will just have to pay more.  It won’t stop most of us from continuing to buy more, but it will be more costly.

This is so simple you have to work very hard not to understand it:

In The News Today

Posted May 18th, 2013 at 3:19 PM (CST) by Jim Sinclair

The physical market for gold will drain the warehouses of the futures exchange resulting in the physical market taking over the price setting mechanism of gold.

 

***

China’s Gold hunger to continue in 2013

BEIJING (Scrap Register): World’s second biggest gold buyer China’s gold hunger to continue this year, according to the latest reports.

As per latest reports, China’s gold imports from Hong Kong reached a record high in March and country’s yellow metal consumption rose by 26% in the first quarter of this year.

China’s Gold imports from Hong Kong 

As per latest figures released by Hong Kong Census and Statistics Department, Mainland China’s gold imports from Hong Kong more than doubled to a record high level in March.

China boosted their gold purchases from Hong Kong by 223,519 kilograms in March including scrap, an increase of 130% compared with 97,106 kilograms a month earlier.

According to Bloomberg, China’s net gold imports reached 130,038 kilograms in March compared with 60,947 kilograms a month earlier.

China’s Gold consumption

The world’s second-largest economy China’s consumption advanced sharply by 26% year-on-year in the first three month of this year mainly due to the strong bullion sales and rising jewelry demand, as per China Gold Association.

According to the Association, China’s gold usage hit 320.54 metric tons in the first quarter of this year. Purchases of gold bars surged 49 percent to 120.39 tons, while jewelry gained 16 percent to 178.59 tons.

More…

Continue reading on jsmineset.com

***

The following from SilverDoctors.com.  I wonder what this is all about.  Any of you out there have an idea?  Is supply so tight that they can’t make a go of it?  Email me if you think you have an answer.

HKMEX TO CEASE TRADING, WILL CLOSE OUT & CASH SETTLE OPEN CONTRACTS MONDAY!

May 19, 2013 By The Doc

When the Rothschild’s HKMEx was launched in 2011, much of the metals community assumed that the COMEX & LBMA, were they not to outright default, would fade into irrelevance with the advent of the new Asian metals exchange. 
Two years to the day after the exchange’s launch however, in perhaps the most glaring evidence of physical gold & silver shortage to date, the HKMEx has announced it will voluntarily cease trading, and all open positions will be closed out and financially (cash) settled on Monday 5/20! [Read more...]

 

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“How much Gold do they really have?”  This is a question which is asked all the time regarding the ETFs and of inventories such as the COMEX and in London.  Of course the real hardcore whack jobs ask even more “conspiratorial” question like how much gold is in Ft. Knox?  A logical question mind you since there has been no audit since 1956, but what’s not to trust?  You see, no matter where you look when it pertains to gold, the “motive” to lie is off the charts.  So, how much gold do they really have?  …the Chinese, that is.  And why are the numbers and reports so vague and not often reported?

And yes, THEY also have reason to hide the true facts and to cloak what they have really accumulated but obviously for different reasons.  China is a mirror image of the West, while the West wants you to believe that they have vaults filled to the brim and bursting at the doors, China cry’s “poor.”  They claim to have 1,054 tons of gold.  They have much MUCH more and I’ll talk about that in a minute.  Another 180 degree opposite between the West and China is that here in the West we are told that gold is “a barbaric relic.”  It is said to be volatile, scary, in a bubble and all sorts of other negatives to keep the populace away.  And in China?  They are encouraging their people to buy.  On a side note, while growing up in the 1960′s I never could have imagined a situation where the Chinese or Russian governments would promote something good for their people while the U.S. did the opposite, my what a changed world we live in.

So China says that they have 1,054 tons of gold, not a huge amount but it does put them in the top 10.  They produce 200 tons or so internally from their own mines, and that supply never, NEVER gets exported.  They keep ALL PRODUCTION and have done so for years.  Over just the last 10 years even assuming that in earlier years they didn’t produce 200 tons, they must have at least accumulated 1,500 tons.  On the import side, they have imported nearly 1,800 tons just over the last 2 years alone… so what’s up with this “1,054 ton” number?  This cannot be, they have without a single doubt in my mind well over 3,000 tons and this number comes from simple connect-the-dots and 3rd grade addition.

But why would they “lie?”  It doesn’t make sense to “cry poor” does it?  Well, if you think like the Chinese it makes perfect sense.  They are not a “flashy” society by nature and are not ones to boast.  If you are accumulating something then why would you do anything to push the price up in the middle of your operation?  If you knew (because you have the financial muscle and your finger on the pulse to see it) that the gold market supply and demand situation was quite fragile, would you do anything to spook the market higher?  If you knew that your opponent (the West) had a vested interest in keeping the price of gold down yet could slowly deliver real product over time, wouldn’t you “carry your opponent a few rounds?”  Or as long as they kept delivering?  If your goal was to clean up and accumulate as much gold as possible you would do NOTHING to spook the herd and cause short covering or a run on inventories… “never” until you have seen the bottom of the barrel that is!

It is sad to say, but the communists like Mao were “right.”  They said long ago that “fiat” was our Achilles heel and would lead to a financial implosion.  While we “partied” they “stacked.”  They have “stacked” metal for years now and recently done it with income from the largest trade surplus in all of history.  In my gut I know that they have over 5,000 tons of gold and if pushed I would bet that they have over 10,000 tons.  “Someone” was buying in the 80′s, 90′s and 2000′s as western central banks gave away metal at laughable prices.  “Someone” was on the other side of the trades, certainly it was not China alone but I believe that they have been there quietly buying for far longer than many of us suspect.  Do not be surprised to see a new BRIC “trade settlement currency” introduced at any time now and with zero advance notice.  By the way, this new currency will backed by more gold than they have let on to up to this point.

Briefly changing gears, I watched the open of the precious metals last night with gold down $25 and silver down $2.00+ …it only took 4 minutes for this smash to occur.  I had an e-mail back and forth with Harvey Organ (he testified for the good guys at the CFTC hearing 2 years ago) and I suggested that today was the perfect setup for a reversal day.  So far so good, gold has turned and is up $23.80 while silver is finally green by 40 cents.  We will see how the day goes from here but any momentum from this point could turn into a stampede which traps the shorts… not to mention adding some fire under those ordering physical AND requesting deliveries from metal bought years ago and not delivered.  Maybe this really is the “bottom of the barrel?”

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Andy Hoffman spoke with Elijah of the FinanceAndLiberty YouTube Channel.  He discusses silver manipulation, hyperinflation and the collapse of the dollar with Rob Kirby:

Absolutely MUST WATCH! SILVER MANIPULATION, JPMORGAN is the GOVT! – Andy Hoffman & Rob Kirby – PT 1

DOLLAR COLLAPSE, HYPERINFLATION, and HOW TO PREPARE! – Andy Hoffman & Rob Kirby – PT 2

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Andy Hoffman speaks with the SGT Report about the IRS scandal, Benghazi, and the manipulation of the markets and media:

Total Cartel CONTROL Over Media & Markets — Andy Hoffman

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None Found

We will go to bed with Gold at $1,500 and wake up with it $4,000 bid… and nothing offered.

-Reg Howe (many of you know him, some of you don’t but we all owe him a debt of gratitude)

This quote by Mr. Howe sounds crazy.  It sounds impossible and sounds like the rantings of a raving lunatic right?  Well, no it doesn’t.  Actually, I believe that something resembling this will not only happen but has to happen.  Logically, mathematically and just pure structurally an event very similar is locked, loaded ready for the trigger to be pulled.  But how can I say this?

All you have to do is look at the supply and demand of both gold and silver.  We know now that “new” supply has not met demand for years, at least 20.  We know from export data from the U.S. (courtesy of detective work by Eric Sprott) that 4,500 tons of gold has been exported from U.S shores since the mid ’90′s and that just the first 2 months of this year 130 tons were exported (courtesy of Harvey Organ’s detective work).  But how can this even be? The U.S. only produces just under 250 tons of gold per year.  How could we have exported 130 tons in January and February if our mines only produced 40 tons?  How could we have exported 4,500 tons over the years if we only produce 240 tons per year?  We know that the mint uses gold, jewelry has been produced each and every year and so has industry for various applications.  So how is this possible?  Where did the gold that we know was used and are told was exported come from if the “total” is far and beyond what we produce… every single year?

Let me backtrack just a little bit.  We are also seeing big movements of inventory reporting.  The COMEX has been bleeding down both gold and silver inventories as have the ETF’s GLD and SLV.  Deliveries are being made and inventories are declining at the same time that we are being “told” that no one wants gold or silver based on their price actions.  We are being told that they are THE most hated investments on the planet and the prices are crashing.  But why then are physical prices trading above the paper prices and who in their right mind would be taking deliveries?  …And why would they be taking deliveries in such big portions?

Add to the above the anecdotal evidence from India that they are now only getting 10% of their orders or the Shanghai exchange making huge deliveries through April and now in May they have delivered almost nothing.  Huge demand in China, India, Dubai and the UAE, throughout Europe and in the U.S, did I forget anyone?  Or what about ABN Amro informing their customers that “no more physical deliveries will be made?”  Why are there premiums to get the real thing instead of just being “happy” with paper receipts?  Why did Germany ask for their gold back and why are the Swiss doing a referendum on the same?  There are many more pieces to this puzzle but you get the gist, something really weird (fraudulent) is going on here because the numbers don’t (have not for years) add up and there are huge movements of inventories in the face of exploding demand (and crashing prices) all over the world.

Something big, REALLY big is happening behind the scenes that we are not “privy” to but… you don’t have to be a rocket scientist to know where this is going.  As I started this piece with a quote from Reg Howe, “You will go to bed with gold at $1,500 and wake up with it bid at $4,000 and none offered.”  The point is this, something has and is changing with the supply demand situation in the precious metals.  We know that demand has exploded, inventories are being drawn down and that investor appetite is to have the metal delivered, no more “I think I’ll just leave it with my ‘trusted’ custodian.”  No, it is now cash and carry and many of those who had previously purchased are only now getting around to the “carry” part.

So, in case you were wondering what the “answers” are and what exactly has changed I will tell you that only the “insiders” know for sure.  Well, that’s not exactly correct but the “insiders” have apparently seen the bottom of the barrel with their own eyes.  “We” on the other hand can only deduce and logically “know for sure” based on all of the evidence.  I think that it is safe to say that the game is coming to an end.  The U.S. who has acted as “custodian” for much of  the world’s gold since WWII is running out of gold to deliver.  Sadly, if you put all of the numbers together on a piece of paper you can deduce that we are probably not only running out of our own gold, but also gold that we were entrusted with as custodian.

I will leave you with this one thought.  I’m sure that you have heard about the toilet paper shortage in Venezuela.  What do you suppose the value of one roll of tp is worth to a Venezuelan?  …And if the government fails to obtain more like they say they will, what then?  What would the value of one roll be then?  $5?  $10?  50 DOLLARS?  Or… to someone who is rich, really rich, could a roll of toilet paper really be worth $100?  Good questions huh?  Wait, not really, the real question is whether someone would part with their last roll of toilet paper for 100 U.S. American Dollars!  Now ask yourself, “In a financial system that is collapsing where banks are closed and ATMs and credit cards no longer work… would you sell 1 ounce of Gold for $4,000?  Or will that maybe be the bid but… “none offered?”

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Read the Thursday Afternoon Wrap-Up for 5/16/2013 and the Friday Morning Commentary for 5/17/2013

Sometimes pictures tell more than words; so I’m going to show you some graphics that prove TPTB may have won the recent “battle”; but are MASSIVELY losing their “war” against REAL MONEY – a war, I might add, they have ALWAYS lost…

Research shows ALL Paper Money Systems Failed

Whilst PAPER PM prices were violently attacked during mid-April’s “ALTERNATIVE CURRENCIES DESTRUCTION”…

…in both gold and silver…

U.S. Mint retail demand was soaring; again, for both gold…

…and silver…

Meanwhile, as the “Commercials” (i.e., the U.S. GOVERNMENT) were covering PAPER shorts – in both gold and silver…

…to the point that both metals have net positions dangerously close to going long…

…and international citizens were buying PHYSICAL PMs in a frenzied manner…

Gold Buying Frenzy continues: China, Japan, and Australia Scramble for Physical

India’s Response to the Gold Sell Off: A Massive Buying Frenzy

…with the Chinese essentially consuming ALL of the world’s production – as has been the case for the past year…

…Miles Franklin enjoyed its most profitable month EVER –40% more than its second most profitable month; which, ironically, was September 2011, when “DOLLAR-PRICED GOLD” reached its ALL-TIME HIGH of $1,920/oz…

Thus, when you see THIS chart of exploding PHYSICAL demand against “plunging” PAPER demand, who are you going to believe – TRUTH-TELLING “shadow worlders” like me; or LYING government, Wall Street, and MSM shills?

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Read the Full Newsletter

The three-headed monster. That’s what you get, here at Miles Franklin. You get the commentary from David Schectman, founder; Ranting Andy Hoffman, Marketing Director; and Bill Holter, Cowboy, ex-Wall Street brokerage executive. We all follow the same industry icons (including John Williams, Jim Willie, Bill Murphy, Jim Sinclair, Richard Russell, Eric Sprott, Ted Butler, Gerald Celente and others). But we re-package it in our own styles and with our own beliefs. All three of us have our own “following.” We are all giving you the same message, but presented with a different writing style and flavor. You get a lot of fabulous input here, and the cost to you is only your “time,” not your pocket book.

We hope that after you get to know us, you will at least give us a try to earn your business – as your precious metals broker and friend. You will love our brokers, with their caring and assistance. We are competitive with the “order takers” who sell you product and give you nothing else for your dollars. We give you a lot more, and yet still find a way to be competitive. That’s the way I wanted it when I formed Miles Franklin in 1990. Our business model has never changed. Give the client more than anyone else in pricing, service, education coupled with personal relationships with a small group of the finest brokers in the business. Most of them have been with me since 1983. All of them have at least three years of industry experience, and most have three decades. Remember, it doesn’t cost you any more to have a friend helping you out on the other end of the line. I insist on only hiring the cream of the crop, and I’m not talking about “salesmanship,” I’m talking about an ethical, friendly, caring and educated staff. This is not “fluff,” it’s the truth.

It has been my experience that the people who are the most troubled by the gold and silver takedown are the ones who own the ETFs, GLD and SLV. If these people understood what gold is really all about, and looked at it as “money” and “financial life insurance,” they would not be complaining. But complain they do. In their mind, they are losing money. In our mind, we are being given a unique opportunity to buy, what will soon become the most desired assets of all – gold and silver at a massive discount. Why worry? Take advantage of an illogical situation.

Ted Butler’s most recent newsletter may be one of his best, ever. He asks the question, “Who got the 10 million ounces of gold that left GLD?” Most people assume it went to China. Butler’s digging around led him to a different conclusion. He says it went to JPMorgan! He isn’t saying this is illegal, but there is something grossly wrong with a system that allows JPMorgan and their bullion bank buddies, GS et el, to move the market South with their press releases and shorting practices. After the prices begin to collapse, there was JPMorgan to buy up the “spoils.” As I recall, a decade ago Jim Sinclair said that when the gold market really takes off, the banks that are short gold and silver now (GS and JPM) will be long. It looks like JPM is moving long. If they can unload enough of the silver shorts to the hedge funds, maybe this time they will “allow” gold and silver to rise rapidly, unopposed, which is what we have all been waiting for. If they can’t milk the pull back anymore, they will be the ones long, making more billions off the funds who will be caught in a gigantic short-squeeze. It was just such a short-squeeze that sent Bear Sterns into bankruptcy in 2008 (they were short a reported 40,000 silver contracts and 80,000 gold contracts and their margin call would have been at least $2 billion.) Just remember, all of these short gold and silver contracts will have to be covered on the way back up. The fuel for the next bond-fire is there, waiting for the spark to ignite it.Similar Posts:

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Read the Wednesday After Wrap-Up for 5/15/2013 and the Thursday Morning Commentary for 5/16/2013

Watching the Silver Circle movie, a key theme I have long written of was in full focus; as Pasha Roberts depicted what a hyperinflationary 2019 America might look like.  That is, that PHYSICAL gold and silver are not purchased to “get rich”; but instead, to insure against the inevitable destruction of fiat currencies…

Research Shows ALL Paper Money Systems Failed

This is because the “HOLY GRAIL OF THE FINANCIAL WORLD” is that only PHYSICAL gold and silver are REAL MONEY; and all other “currencies” are worthless.  Once you realize PHYSICAL gold and silver are savings – NOT investments; you will sleep the “SLEEP OF THE JUST,” knowing your net worth is held in the only assets to have maintained their value through 5,000 years of history…

In Silver Circle, few people are “rich” in a world where beer costs $100/glass, bread $5/loaf, and gasoline $15/gallon; particularly as the Federal Reserve governs ALL aspects of society – utilizing vicious police to enforce its draconian policies.  Those who own “silver circles” are not getting rich; but instead, avoiding poverty.

In that world, vendors don’t want PAPER dollars; and will take enormous discounts to be paid in REAL MONEY; which is EXACTLY why one shouldn’t worry about potential “confiscation” decrees. Silver is in fact “illegal” in the movie; but that doesn’t stop “rebel groups” from establishing a vibrant black market – as has occurred in ALL instances of hyperinflation throughout history…

The Nightmare German Inflation – One day everything was fine. The next day hell was unleashed.

Confiscation is the singular topic I am asked of most – and to it, I simply answer with a question; under such a scenario, would you rather own “PRICELESS PRECIOUS METALS OR WORTHLESS DOLLARS?”  Such actions wouldn’t even be considered until the dollar had already crashed; and thus, the key is to PROTECT yourself before this occurs.

Coming from New York – and having worked 20 years on Wall Street – NO ONE understands the concept of “getting rich” better than I.  “Investing” in PAPER securities was both my career and passion – until I realized the government had permanently broken that mechanism; at least, for “the 99%” without access to their FREE MONEY, COMPUTER ALGORITHMS, and INSIDE INFORMATION…

The Story of Inequality in the US: Past, Present and Future

Thankfully, my cumulative experiences have taught me that the time to focus on “getting rich” is decidedly OVER.  I have held precious metals for eleven years; but have NEVER been so scared of the direction the world is taking as today.  Consequently, my ENTIRE focus has switched to avoiding poverty – whether or not the “worst-case scenario” emerges; and yours should be, too.

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A debate has raged for several years amongst “scholars” whether we will “crack up” via deflation or inflation.  I used the term “scholars” because at least these people had the foresight to see that something is definitely wrong, really wrong and will end badly.  The “others” (95% or more), sheeple who are still sleeping (some beginning to wake and recently in larger numbers) and don’t even care because it doesn’t matter, as both words end in “flation.”

I have written several pieces explaining the concept of inflation in the things we need and deflation in the things we have.  This has pretty much been true up until 6 months ago when financial assets began to “inflate.”  From a textbook standpoint we have lived through a massive inflation as money supplies (and by extension in a fiat world, debt) have exploded even though many asset prices have dropped.  All you need to do is look at what it costs you each month to live and it’s pretty clear that inflation is definitely present.

As a side note, some still believe that gold cannot do well in a deflation, in fact gold actually does better in deflation vs. other goods because gold IS money and gains in purchasing power.  The basic definition of deflation is that money itself is scarce or there is not enough of it to support the economy.  In the current scenario, a “deflation” would amount to the U.S. defaulting on its debt.  Not through debasement but through nonpayment.  Were this to occur then you must ask yourself what would 1 ounce of gold be worth if dollars became worthless because the issuer was bankrupt?  By definition the answer is infinity.  Since the U.S. has borrowed in dollars and can create dollars at will, a true deflation theoretically is impossible.  But this is not what I want to talk about.  The question in my mind is, “Will we have inflation or deflation AFTER we hit the wall (my earlier piece) in terms of whatever new currencies are introduced?”  Along that same train of thought, will it be inflation or deflation in terms of gold?

I can tell you that Germany after the Weimar hyperinflation experienced immediate deflation in terms of gold marks and an even greater deflation in terms of gold.  This only makes sense because there was very little “money on the streets” and money became “dear.”  I would expect some type of similar action after new currencies are introduced and “reset.”  At first I would think that unless the exchange rate is set high enough, not enough gold will come out of hiding and create a shortage of “money.”  Of course this is only a guess on my part.  The part about “new currencies introduced” is in my opinion a very educated guess and one with a very high (100%?) probability.

I guess the easiest way to explain the future “inflation/deflation” debate depends on where the price of gold is set or trades at versus whatever new currencies come out.  Set the price too low and very little gold will be pried loose, set it too high and gold will flood the streets.  My guess is that the price will be set too low initially and not enough gold will flow for maybe 6 months or a year.  New paper will seek gold until the “right level” (whatever that may be) is reached… and then we start the entire process all over again.  The “process” being governments slowly at first and then more rapidly issuing more currency than there is gold (at the then current prices) would allow.  Please understand that in gold terms, if the price is set too high then gold will flow and thus an inflation in “goods” will occur as people will spend.  If it is set too low then people will hang on to their gold and goods “prices” will come down until they are sold, a deflation.

As for now, central banks are pedal to the metal printing to keep the current system alive.  This is necessary so that their sovereign treasury has a buyer for critical debt issuance to keep the doors open.  The debate between “is it inflation or deflation” is moot since either way, in the end a fiat currency won’t spend.  Either because there are far too many units of them or because the issuer (the sovereign treasury and or central bank) is bankrupt.  Does it matter?  An un-spendable nor acceptable currency is worth zero no matter how it technically happened.

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