In its interim stages, it lifts financial asset prices more than employment, destroys the purchasing power of savings, and may result in much higher commodity prices.
So, a better way of thinking about the volatility of gold and other commodity prices is to view it as a 40-year period of unprecedented volatility in the price or purchasing power of the dollar.
During peacetime, commodity standards (silver or gold) worked through market forces to achieve price stability, and thus safeguarded the purchasing power of money.