I don’t think this is correct. Gold is money, and when the main reserve currency (currently the dollar) is in trouble, then gold will go up.

By the way, there is no such thing as a pure inflation hedge. To see this, just consider: We have had continuous monetary inflation for approximately the last 50 years. Thus, a true inflation hedge would have gone up continuously during that time, proportionately to the inflation rate. What investment has done that?