Gold has plenty of room to run relative to money supply

Gold approaches all time highs against the dollar (and is already at ATH against pretty much every other currency), and some might say the metal is getting a little overheated. But when compared to the money supply (M2), gold has a lot of room to run in the coming years and the chart looks extremely bullish. I believe the strength in the chart is a reflection of the fundamental macro picture of a totally reckless Fed brrrrr machine combined with no political willpower on either side of the aisle to slow down fiscal spending. With that in mind, it looks like this bull market is just getting started.