US Inflation Rate relative to Gold Price ( Bull Run preface?)

As this chart shows since the onset of the Covid- Era, the inflation rate to gold price ratio has increased

over 60x in the intervening 30 month. Pricipally this is due to the inflation rate escalating while

spot gold has been stable or decreased. This would seem to suggest that gold is undervalued

and may be overdue for the price adjustment of a bull run. Time will tell as they say