For example, common wisdom holds it that the cause of high house prices in the UK is a shortage of houses, for whatever reason. This is of course not true: with so much paper money floating around, a class of "homeowners" (many with more than one house) and "spoeculators" (buy-to-let) has been empowered. But for the vast majority of the wage-earning population, housing is either unaffordable without a massive mortgage or is simply an utterly unattainable dream now. They are way down the ladder in terms of getting their hands on the new "wealth". So the net effect is that a smaller class of people are playing the buy-and-sell-asset game among themselves.
What has all this got to do with gold and industrial metals? I say, don't worry, their prices will be lifted too, just as with any other asset class. If gold rises more slowly than base metals, it only makes gold a better bargain at a later date. But this payola can go on more of less indefinitely I think - until comes the revolution...