If the gains were less than the real rate of inflation, it sure does!
Given that the money supply doubled during the time frame of your supposed ‘rally’, anything less than something on the order of 100% is negative in real terms.
Now I see the problem. You are equating monetary inflation (increase in money supply) with general inflation (increase in the cost of goods and services).
While the two are highly correlated and monetary inflation is typically the primary cause of price inflation, a change in monetary inflation (dx) does not immediately nor exactly manifest themselves in precisely the same change (dy) in general price inflation.
