[palmer]

Where is my thinking flawed?

Simply that everything you listed is an industrial commodity and industry is still in overcapacity. OTOH, gold is only money, so must be traded for one of the commodities you listed to be put to use in production. But nobody wants to do that right now, so gold is being held and everything is not.

[BooBoo1000]

There is little evidence of US inflation at this point, but the gold market is a world market, and inflation certainly is possible in some of the other countries of the world. Even so, at this point, there is not much evidence of it.

If you doubt that inflation has hit our country, just try buying groceries for a few weeks.Every item in the grocery stores is going up. Also there has never been a time in history in which
gold has been worth nothing, you cannot say that about paper money.ie The Republic.

[mamelukesabre]

Gold is used in electronics.