Hi Mark,

If you believe in inflation (as I defined it), then the appropriate response is hard assets. Just be careful of the landmines of bubbles popping. Agricultrual assets are pretty good. Weak/sluggish developed economies plus growing middle class in developing economies plus higher inflation plus food being a necessity should translate into sustained growth. How much is already priced in is up to you. There are reasons not to trust gold (hypothecation, e.g.), but there are strong reasons to trust it. See my recent piece titled "Gold Investing: What is the 'Barbarous Relic' Really Worth?" Hope this helps!