I think that the price of gold did not rise due to fear of future inflation but rather a hedge against the uncertainty of a potential collapse in the financial system.
People want to own a real asset and not fiat money independent of inflation concerns. This is the reason why Treasury bonds and TIPS are not widening yet.
TIPS did not rise because people do not invest in fear of inflation yet. Thats the reason why gold goes up when the market goes down. At one point, gold will appreciate due to concerns of future inflation. I believe the first signs for this to happen is when equities go up and gold goes up with it (as it happened during the nominal bull market in equities from 2001 to 2007 - gold raising from 250 to 1000).
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