The fed doesn't even publish M3 anymore (which is what tells us how much fiat there is in circulation). So we really don't know. We do know that as of 2020 America no longer uses fractional reserve banking. The collateral requirements for banks are now zero. There's more kinds of inflation than just M3 growth. There's also loss of faith in the dollar. Loss of creditworthiness of the USG. But most importantly, the loss of people willing and able to work. Gold measures all of them. The value proposition of treasuries is they pay yields which means you can extract surplus value from American labor. However with such a sickly aged population, it's more of a risk that Americans will exploit the dollar to fund their own retirements instead. Goldman Sachs said a month ago when gold was $3500 that if just 1% of treasury holders decide that a rock which doesn't do anything is a safer better investment than the American people, then gold is going to go to $5000.