Are gold and silver a hedge against inflation?

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In the past few years, we’ve experienced the worst outbreak of inflation since the 1970s. The rate of inflation in the US has gone from practically zero, to as high as 9.1%. And yet the prices of precious metals have hardly moved. An ounce of gold, for instance, is trading nowadays for almost the same price as it did during 2020, and only 10% more than it did 12 years ago, in 2011. For silver, the situation is even worse. In the past three years it has been unable to regain its 2020 high, and it is still trading for less than half of its 2011 high. Does this mean that precious metals have lost their charm? Do they no longer function as a hedge against inflation?

Music: Michael Kobrin - The Introvert

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