I'm looking for an investment that will appreciate against inflation in the US Dollar. I want to be leveraged 10:1 or more. For the sake of argument, let's say I have only $10,000 to invest, which rules out most real estate investments. I have high risk tolerance and a 10 year outlook.
$10k isn't really enough to make enough money to offset the extremely high risks in investing in options in this area. Taking risks is great, but a sure losing proposition isn't a risk -- it's a gamble. You're likely to get wiped out with leveraged options, since you don't have enough money to hedge your bets. Timing is critical... look at the swings in valuation in the stock market between the Bear Sterns and Lehman collapses in 2009. If you were highly leveraged in QQQQ that you bought in June 2009, you would have $0 in November.
With $10k, I'd diversify into a mixture of foreign cash (maybe ETFs like FXF, FXC, FXY), emerging markets equities and commodities. Your goal should be to preserve investment value until buying opportunities for depressed assets come around.
Higher interest rates that come with inflation will be devastating to the US economy, so if I'm betting on high inflation, I want to wait for a 2009-like buying opportunity. Then you buy depressed non-cyclical equities with easy to predict cash flows like utilities (ConEd), food manufacturers (General Mills), consumer non-durables (P&G) and alcohol/tobacco. If they look solvent, buying commodity ETFs like the new Copper ETFs or interests in physical commodities like copper, timber, oil or other raw materials with intrinsic value are good too.
I personally don't like gold for this purpose because it doesn't have alot of industrial utility. Silver is a little better, but copper and oil are things with high intrinsic value that are always needed.
As far as leverage goes, proceed with caution. What happens when you get high inflation? High cost of capital.
Look into commodities futures & options. Unfortunately, they are not trivial instruments.
I assume you're looking for advice, not an actual guaranteed-to-appreciate answer, yes?
If you believe Treasury bonds will increase as fast as inflation, that may be the way to go.