I feel a bit confused.
I read something on this site about gold being inflation-proof. Other people stated that it is untrue.
I feel confused why. You can print money, but you can not print gold, right?
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You can print money, but you can not print gold, right?
But we mine gold (thereby increasing the supply), and recycle it.
The bottom line is that -- as a commodity -- the price of gold is driven by demand.
The three demand drivers are:
Sometimes speculators want more due to fear, and other times they want less, thereby driving down the price.
Similar to @Lawrence, it isn't completely clear to me what your exact question is but I'll try to offer some thoughts which might help.
First, I'd like to clarify with my interpretation of the term "inflation proof" since I haven't found a clear definition on the internet.
I would call an asset inflation proof if it appreciates at least at the inflation rate. Since no one can guarantee this for any asset which is freely tradeable, I'd weaken this term to: The asset has to have at least kept up with the inflation rate in 9 out of 10 years.
Now let's come back to gold. Take a look at some historical gold prices and US inflation rates. For example, in Jan/2013 we had a gold price of about $1850, while in Jan/2016 it was about $1160. In those years, US inflation was approximately 1.5%, 1.6%, and 0.1%. So while gold lost almost 40%, the inflation rate was positive.
According to my definition above, gold doesn't seem to be inflation proof since this isn't the only time span when this happened.
But history has proven gold to be a must have asset in crisis which might be the reason for the drop in gold's price that I described. If we look at gold's price between 2007, the year before Lehman Brothers went bankrupt and 2011, which might be the year when things started to get better again, gold rose from approximately $800 to $1800.
Finally, gold doesn't pay interest or dividends so if you want to outperform inflation by having gold, you rely on growth in gold's price. On the contrary, if you own some blue-chip stocks, which pay high dividends, even if stock price remains at the same level, you may have a chance to outperform inflation rate (but of course you might still lose, because of a drop in stock price).
Hope that helps to answer your question!
It's not "inflation! proof!" Nothing is. But gold rarely if ever suffers inflationary periods
Considering hyperinflation. Gold has never suffered hyperinflation. You could confidently say it is hyperinflationproof. Whereas it's a commonplace in history that fiat currencies suffer hyperinflation. So that might be what you have in mind.
"We can't print gold" but we mine it. Indeed historically, when there has been gold find somewhere, the "price has gone down" in general. (But not a lot, not like when government currencies collapse, as they often do.) So sure, of course obviously, the scarcity of gold ("we can't print it - it is created only when neutron stars collide"* ) is the reason, sure, you're correct. No mystery.
The practical upshoot of buying gold. The OP will be between 20 and 50 yrs old. OP will live for another 20-50 years. The simple fact is, owning gold is a "decades" thing. If you're thinking of buying some gold for a year or two, just forget it. It's trivial to point to periods of 10 or 20 years when gold consistently went up and it's trivial to point to periods of 10 or 20 years when gold consistently went down.
I can absolutely assure you that if you own a lot of gold for 10 or 20 years during an up run, you'll feel terribly clever.
And I can absolutely assure you that if you own a lot of gold for 10 or 20 years during a down run, you'll have made a big hole in your life. Abstract statements about hedging inflation will go by the wayside. I really wouldn't worry either way about vague conjectures like "if inflation..."
* Story used to be gold was created only in certain supernovas. Current thinking is that gold is only created when certain neutron stars collide. Go figure!