Gold's Expense vs. Monetary Creation

``the percentage of [TMS:true money supply] actually backed by gold stood at 4.8% at the year-end... while gold has risen dramatically over the last decade in nominal dollar terms, adjusted for the extra money in the system it has only risen 150%. Amazingly, the price of gold measured in these TMS terms has only risen to where it was in late 1991, when the nominal price was $360. Gold's valuation is therefore still at exceptionally low levels.''