The recent gold price rally reflects market unease about inflationary risks that could materialize due to the extremely expanded central bank liquidity during the corona crisis. However, due to the massive slack in demand, a rise in inflation seems unlikely in the short term. Moreover, in addition to banks, households and companies are also hoarding money to a high degree. However, one should not become careless. Not only the quantity of liquidity provided influences monetary stability, the quality should also matter. Moreover, five permanent trends of the corona pandemic (changed consumer demand behavior, greater resilience of value chains, acceleration of the digitization trend, increased political intervention and a stronger focus on ESG and sustainability goals) will influence inflation in the medium term.