For some folks, it’s almost a reflex to buy gold when inflation hits or volatility ramps up. In times like those, they simply flock to the yellow metal—no questions asked. But buying gold as a safe haven is a terrible idea, for one simple reason: it doesn’t work. The dumpster fire year we’re living through now provides an excellent example of gold’s ineffectiveness as an inflation hedge: while inflation soared (it sits at 8.3% as of August), gold has gone the other way, plunging 6.4% since January 1. That lousy performance isn’t just a one-off. Gold has actually fallen 7% in the last decade. … Read more