I'm not sure why you don't think the short term infusion of trillions of dollars into our economies should not be inflationary and therefore result in higher gold prices. Why should the value of gold (and for that matter oil) go down along with the value of dollars when the supply of dollars is increased so dramatically? The supply of gold is not going up. Shouldn't this be considered simply as a matter of demand and supply? With the creation of huge amounts of dollars, the supply goes up thereby lowering their price. The price can seen as related to the price of gold. In a situation of greater supply of dollars, their price in terms of how many dollars an ounce of gold will buy will go down, or stated simply, one should be able to buy more dollars with an ounze of gold.

Of course, as others have pointed out, attempts have been made (and apparently are continuing to be made) to distort this basic relationship with various interventions. However, there is a limit to this and some are saying that this limit is about to be reached and the natural laws of supply and demand will soon take over.

It seems to be that this is pretty simple economics. Perhaps I'm missing something.