"Like other commodities, we’re told, gold’s price goes up in inflationary periods, and down in deflationary periods. We hear it all the time: inflationary expectations drive the price up; deflationary expectations drive it down. Gold as anti-bonds.
The only problem with the inflation hedge theory is that it doesn’t work. Throughout history, both at times when gold was tied to legal tender, and at times when it wasn’t, gold has been a poor hedge against inflation. Indeed, it has consistently lost purchasing power during periods of inflation, and gained it during periods of deflation."
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