If the money supply was increased across the board this would likely be the case. However, the FED bank no longer operates in the way it was statutorily mandate

If the money supply was increased across the board this would likely be the case. However, the FED bank no longer operates in the way it was statutorily mandated originally. The FED purchases assets that inflate the stock market indirectly. The Federal subsidies and regulations combine with this to keep the money propping up the assets mentioned(gold only because of it being a historic hedge).