Two specific commodity prices that often command attention are the prices of gold and crude petroleum. The price of gold has increased roughly 60 percent since its low in April 2001, from about $ per ounce to about $ per ounce. A portion of that increase simply reflects dollar depreciation, which I will discuss momentarily.
Gold also represents a safe haven investment, however, and I agree that there have been periods in the past when the fear that drove investors into gold was the fear of inflation.