If Milton Friedman is right, and inflation is always and everywhere a monetary phenomenon, it will be interesting to see how this plays out. There is a huge fight right now between deflationary forces caused by an unprecedented collapse in both supply and demand, and inflationary forces from both fiscal and monetary stimuli. The risk I've read over and over is that the stimulus overshoots the deflation risk and we get higher inflation--I think that's what gold is starting to respond to. But the most interesting thing to me is that gold does best when deflation takes hold because it forces a massive inflationary push from the government to reflate the currency (e.g., Executive Order 6102 and the Gold Reserve Act of 1934 changing the price of gold from $20.67 to $35 overnight). Talk about an inflationary shock! How would they do it now a days? Direct helicopter money into everyone's bank account...oh, wait, we are doing that...But the scary part is that demand is crimped by fear of going out and spending, so we see Amazon beat EPS by 10x because everyone simply spends online instead. What a time to be alive! But joking aside, how do you inflate if people don't want to spend? I guess if/when a vaccine comes, and everyone rushes back out is when we could see inflation jump.