Gold Hits Record Highs as Dollar Decline Reflects Long-Running Inflation

Gold prices at all-time highs in dollar terms signal an actual decline in the value of the dollar, aka inflation.

This inflation began before the Fed's rate hikes in 2022, so it is not a response to Fed policy.

Inflation is ultimately a policy choice by governments, not an effect of central bank actions.

As the dollar declines, investment will flow out of stocks/bonds into hard assets like gold that represent existing wealth.

Mainstream analysis blames the Fed for inflation but ignores the dollar's long history of government-enabled devaluation.