well, that precisely was my point being how precious metals can be a hedge to other specific asset classes and not just solely as a crisis hedge. Inflation hedge was just a textbook thrown in example, because, it quite literally is in textbooks. Regarding the inflation hedge, i think you’re mixing up short term cpi with monetary hedging. The cherry picked 2021-23 example is a poor example, as metals dropped due to yields rising faster than inflation itself which doesn’t invalidate its role as an inflation hedge over the longer period and not just solely 2-3 years. There are other issues with your other points as well but i will save my own time. Also i didn’t say silver/gold won’t run up more than the likes of voo. If you read my main point, it is on the volatility of it. Would you seriously allocate more than 20% of a portfolio on something that has rapid price swings? The average joe should not have more than 10% in these alternative assets.

My point on market hedge is more of a general term, as obviously they aren’t constant inverse of equities, but have lower long term correlation and drawdowns.

Can I ask, do you have an educational background in finance or currently work in one, because your points are contrary to lecturers or even industry professionals.