You are making my point. The "inflation" you talk about is actually dollar devaluation disguised as "inflation". As your gold graph shows, in June 2002 gold was at $321.18 per ounce. In Jan 2012 gold was $1652 per ounce. That is a 5.14 times increase. So what did oil do? You said there was no way it doubled? Oil in June 2002 was at $24.49 per barrel. In Jan 2012 it was $107 per barrel. That is an increase of 4.4 times. This means in 2002 we got 13.11 barrels for an ounce of gold, now in Jan 2012 we get 15.43 barrels per ounce. This means oil is cheaper now than in 2002 in "real" money. Why are we so quick to accept the US dollar as a fixed point (we know it is being devalued) but we will look at the price of gold and say it is a bubble. Then we look at the price of oil and say it is inflation? Maybe oil is a bubble too? Maybe the US is printing trillions more dollars each year than it can support causing the currency to be devalued. Now that last statement makes sense to me because I know that it is true.