Inflation hedges work because their value is (theoretically) unchanging over the long term and so by comparison it seems like they appreciate in value compared

Inflation hedges work because their value is (theoretically) unchanging over the long term and so by comparison it seems like they appreciate in value compared to fiat currencies which experience inflation. But really, inflation hedges don't grow in value during times of high inflation, they just don't lose as much value as the fiat currencies do. That is how they protect against inflation.