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Not in my opinion, not at these prices. It was a useful hedge in the immediate past, but had a nice run up, and there isn't sufficient reason to expect that to continue or redouble. Long term, it can make sense to have a modest position in gold for diversification. But I wouldn't run out and buy lots at today's prices.

Instead I like intermediate term corporate bonds right now. You can find 7% interest rates on them, and it is quite unlikely we'll see inflation anything like that over the next 10 years. I also don't think we will see many outright defaults - there was a risk of that last winter, when they couldn't roll over their debts, but it has basically passed.

I've been telling people since last autumn that the thing to do is buy corporates (and preferreds) and put the coupons into stock. You can use a bond fund instead if you like, just avoid those that are loaded up on low rate treasuries or on mortgages. Find one focused on corporates.

I also think it is a good time to buy real estate if you need any that you'll actually live in. Prices are down a lot, rates are low and other terms pretty easy. In the long run, this will prove to have been a good time to buy, and in my opinion real estate bought at fair prices is a better long term hedge against inflation than flightier commodities. But your mileage may vary.