Sorry, but I do not believe that this is correct. Money growth since Nixon's closing of the gold window in '73 has been huge. And we are certainly not the only country.
http://www.economagic.com/gif/g1920770198012135113364138227001428.gif
What I am saying is not that the Central Banks are NOT inflating, but that the inflation in each currency is judicious and measured, held in check by the money markets. The end of currency controls means an end to an arbitrary policy by governments.
In any event, the more important point is that new participants in world markets want to build their finances as strong as the West, and that includes fortifying their Foreign Reserve holdings with gold, as the US and Europe have done long ago.
All imo.