What is the probability of high inflation; how high, when? These questions are important to all investors since even the 2% level to which we are accustomed will cut an investor's portfolio by over 17% during a decade. This 2% level is the target of the Federal Reserve, along with near 0%...

Inflation degrades the function of the U.S. dollar as a storehouse of value. The goods and services which constitute the cost of living become more expensive in dollar terms. Commodities, and gold in particular, are often recommended to hedge that risk. Our work casts that popular advice into...