There's plenty of periods, even 10, 20 year periods when inflation was moderate to high and gold declined. So in the short or even medium term, gold tends to be a pretty poor inflation hedge. In the long run, it's just stocks. It's companies that can raise their prices in conjunction with inflation. When airline ticket prices go up by 50%, Delta's revenue just went up by 50% which will eventually transfer to the nominal dollar amount of their profits over time.

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