Whoa, I hadn't noticed gold just hit a new ATH against the USD. Risk assets are looking bullish as hell. 
Gold's ATH was 40 years ago. That is adjusting and accounting for inflation which I'm told is the entire point of gold. If you'd piled in in 1980 you'd still be waiting to break even. This is why it doesn't cause me to thicken and engorge.
It wasn't a comment about the effects of inflation.
A new ATH = a technical breakout on the chart after a decade of consolidation. The point is a range breakout has occurred and gold prices are set to trend significantly higher. The chart looks an awful lot like mid-late 2009.
Markets range 80% of the time and trend only 20% of the time. If you hold gold during its historic uptrends, you'll beat the hell out of inflation, no question.