Recently gold hasn't attracted much buying as an inflation hedge – the European Central Bank's unprecedented new plan to boost inflation and weaken the euro may change that.

Last week the Federal Reserve maintained the US economy still needs "high degree of monetary accommodation" while the European Central Bank is now readying its own version of quantitative easing to be launched in June.

When the ECB moves to fight "unacceptably low inflation" in the Eurozone – and with Germany finally on board that now seems likely – trillions more will be added to all the easy money already sloshing around on global financial markets.