Gold has frustrated both the bulls and bears during the post-financial crisis era. Monetary theory suggests that massive money printing would cause massive inflation in the price of goods & services. But this has not happened. Gold bulls anticipated higher prices by pushing the price of gold from about $800 in 2009 to $1925 in Q4-2011. When inflation did not show up in the CPI, PPI, GDP Deflator, wages and other inflation measures, the gold bears were able to take the price of gold down to $1050 by late 2016. Ever since then, gold has been moving higher.
