Thought some of you might find this great @wabuffo post interesting.
The next chart is after the GFC, when spending ramped up in response to the crisis, "money supply" increased 17% per year from mid-2008 to the end of 2012. Gold responded to this as well. Now the relationship between money supply growth and asset inflation (or gold) isn't linear or perfect so its not a perfect "hard and fast" rule. But I think the general relationship makes sense to me as the supply of new gold mined every year is around 1.8% of the above-ground gold inventory. Gold's monetary attribute is stability since it grows very slowly. This is also what Bitcoin is trying to do - grow supply at 2% per year (like gold).
My guess is that the reason gold is jumping again since early December is because it is starting to "feel" the effect of this second round of stimulus that has begun this week and will start to appear in the US Treasury spending numbers in January.
FWIW,
wabuffo