The money supply in the US is presently quite inflated, but we have yet to see rising prices due to this. In fact, we’ve seen in some places falling prices. My point is that you haven’t given this financial crisis enough time to play out. Look at gold’s return over longer time spans or in areas where there was an actual sustained rise in prices, instead of picking one out-of-the-ordinary example (a few months in a financial crisis) as representative of an ordinary situation.