> Inflation: During periods of moderate to high inflation, gold and commodities tend to do extremely well. Equities outperform bonds more often than not, but it depends on the type of equities and their starting valuations, and therefore have a huge variance. Real estate does well, mainly because leverage attached to it gets melted away from inflation. Bonds do poorly in inflationary environments.

The article doesn't talk specifically about gold, but I believe it should. From this chart, you can see that gold started an upward trend in price pre-pandemic that peaked in August of last year, and has since declined noticeably:

https://www.tradingview.com/symbols/XAUUSD/

Gold is supposed to be the canary in the coal mine for inflation. The slightest whiff of inflation is supposed to send the price soaring, usually led by gold mining stocks.

This hasn't happened. As the price of copper, lumber, other base commodities, houses, used cars, and possibly even labor, has surged, gold has barely budged.

What does gold's lackluster performance so far say about the future direction of inflation?

That's the question people worried about (hyper)inflation should be asking themselves.

Many in the gold market claim that the price is being manipulated by central banks, by the paper derivatives market, an other forces.

But it's very hard to believe that literally every other commodity is flying to the moon while gold is stuck in the basement due to "manipulation."

Something isn't adding up here.