This is a remarkable post for one main reason. A major investment bank acknowledges the failure of CPI and relies on gold as the benchmark value of a dollar.
Due to the many criticisms and changing methodologies of the consumer price index as a true measure of inflation, we use the price of gold as a very good proxy of the true value of a dollar over long periods of time.
Those who have snickered at the absurd 'tinfoil hat' gold bugs have to take a moment and consider what this means: it tells us that the basic of goods approach is not real, that alternative currency like gold and crypto coins are a significant threat to the Fed and why central banks stepped in hard when gold hit $1900. It tells you why traders are often getting caught manipulating the gold market, leading us to think it is heavily manipulated and not a free market.