GOLD: Stagflation scenario trade setup (+ nice breakout)

Stagflation scenarios are making headlines on the major news outlets. Many of us don't exist in the 80's so it will be a shock to those of whom who waiting for a positively correlated gold and bond moves. This is not a short term idea and it could still enter the downtrend canal again but I want to mention this idea because many people fade away gold & silver to other asset classes. If I could say one thing only regarding gold, is that do not underestimate gold.