I am looking to use gold as an inflation hedge, however this article suggests it is not as good as one might believe. One thing I don't understand is that the inflation adjusted price is higher then the nominal. What is that about? The real price should be lower as we subtract inflation from nominal.
Furthermore I think it is kind of odd this uses pre 70 data to consider gold as inflation hedge since there was no price discovery in this period. What is your take on that?