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I do think we are already in a highly inflationary environment.

it's a large part of why the prices are "distorted" by gambling.

when prices no longer represent the collectively perceived utility of the thing

but instead show the expectation the thing can be flipped for more purchasing power later that a tulip mania.

is the price "wrong?"

no.

but it doesn't mean what most people think it means.

"when prices no longer represent the collectively perceived utility of the thing

but instead show the expectation the thing can be flipped for more purchasing power later..."

Textbook speculation. This is part of the utility of investable goods and a feature of every scarce resource.

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it is PART of it, yes.

but when most of the money in a commodity is there for speculation

its a speculative bubble and prices are distorted.

its another problem with a fiat standard.