I'll be the first to admit that there are some shortcomings to this analysis. But, to the extent that one agrees that expansion of the monetary base is the classical definition of inflation and at least a leading indicator of broader price increases, the following ratio may be of some interest.
The price movement in gold has been parabolic recently, but so has the increase in the monetary base. The ratio of the price of an ounce of gold to the size of the monetary base has remained surprisingly flat since 2008.
(Click to enlarge)