There was a big move in the gold price today in the US markets. Junior gold miners were up around 10% in Australia. The trigger was Ben Benanke finally admitting QE was not going to taper any time soon. Oil has also broken out on its fourth attempt at US$100 which suggests much higher prices ahead. So with $85 billion in money printing each month combined a breakout in interest rates and higher oil prices, we will finally see the level of inflation nudging up in the western world.