Black Eyes vs The Cat!You are both right and both wrong!
They have been printing money for most of the last 12 years! There really has been no inflation and while gold has risen actually not much so one could argue printing money has nothing to do with the gold price. Sort of right but sort of wrong. Historically speaking the statement would be wrong. We have been in strange times since the crash of 08. While printing money does not directly cause inflation or can and usually does indirectly. If there is 100 apples and only 75 buyers the price gets bid up because of short supply. The farmer sell me another 100 apples but instead of puting them up for sale I put them in cold storage so still only 100 apples and 75 buyers. Making more apples like printing more money had no affect, however it would if I put them in the market. Here is where the break down occurs. It is the increase in velocity of money that causes inflation and gold prices to rise. So while the fed has been printing money like it is going out of style it is being stashed away. If a bank gets the money and they lend it then the lender buys new equipment and the equioment mfg hires more labour and the labour buys boats and car. You see the speed at which that same currency changes hands is how you get inflation. That 1 million spent 12 times is 12 million in purchasing. That 1 million placed under my mattress equals no purchasing and that has been what is happening. This is why the central banks prior to the pandemic were getting worried if all is blue sky and all that cash hits the market we could easily have hyper-inflation. Needless to say with the Pandemic that worry was put on the back burner.