Gold Price vs. Inflation... what's going on?

Does anyone know why gold is trading at 2012 levels when we've seen significant amounts of inflation in the past 9 years? Then there's monetary policy, fiscal policy, supply chains, civil unrest, the current geo-political shit show... Everything is a mess, so how is gold not trading higher? I work in real estate development, so this is not my area of expertise, but I'm wondering how we hedge against inflation. I've heard people say crypto is the new store of wealth, what are your thoughts?

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