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.
Sorry, but I don't see this either. IMO, the boom of the 80-90's was credit and inflation fueled. Sure there was plenty of solid growth, but not the misallocation of funds has been huge. The inflation did not manifest it self in higher prices for retail goods, but instead funneled into stocks, bonds, real estate and financial instruments. It wasn't mesured by the CPI, but it was just as real, nonetheless. "Judicious and measured" are the last terms I would use to describe recent monetary policies.