Does it?... After watching savings being decimated by inflation, with the seemingly unending money-printing (the solution to Covid, Ukraine, whatever the next crisis is), a lot of people are probably wishing they'd invested in gold.
* https://www.nber.org/papers/w18706
* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3667789
* https://www.pwlcapital.com/will-gold-save-the-day/
See also The Golden Constant: The English and American Experience, 1560-1976 by Roy William Jastram:
* https://www.goodreads.com/book/show/3267510-the-golden-const...
* PDF: http://csinvesting.org/wp-content/uploads/2016/02/RoyJastram...
And deflation is far more destructive than inflation.