I think it would suffer from the gold problem though, where what you are buying is _interest_ in the underlying asset. So it peaks before the anticipated inflat

I think it would suffer from the gold problem though, where what you are buying is _interest_ in the underlying asset. So it peaks before the anticipated inflation, and then during the inflation it actually doesn't keep up as people offload it but don't buy more. Ex- https://www.cnbc.com/2021/06/08/gold-as-an-inflation-hedge-history-suggests-otherwise.html https://www.cnbc.com/2021/06/08/gold-as-an-inflation-hedge-h...