The newly created money has been going into bank reserves and into the stock market. Stocks have been rising on an ocean of liquidity. The sinking dollar has been a huge help to the big Dow-type stocks, which benefit from their ability to export. This is resulting in worldwide central bank inflation as the banks seek to devalue their money in an effort to keep the dollar strong.
Germany has 69.2% of its reserves in gold.
Italy has 66.6%.
France has 70.6%.
The U.K. has 17.6% (after idiotically selling most of its gold near the low below $300 an ounce).
Japan has 2.3% of its reserves in gold.
India has 4.0%.
Russia has 4.3%.
China has 1.9%.
It's easy to see that Russia, India and China are low on gold. All three would like to at least double the percentage of gold in their reserves. The race is on for these central banks to accumulate gold without running the price of gold sky-high.