> gold is about the same price in nominal terms that it was ten years ago

Wouldn't that indicate it working as an inflation hedge? :) But yes, you're absolutely right, I bought some gold half-sovereigns as a chaos hedge back in 2008 and occasionally note the lack of significant action in their price. Nice shiny objects, though.

People talking about inflation on the internet are mostly stopped clocks endlessly repeating a narrative to each other. If you look out the window at some real prices you can see there's been a real supply shock but the dollar economy remains absolutely central.