Traditionally it's been physical gold--hold the metal. Note that had problems actually selling the metal at highs and lows: the market makers and coin shops won't part with their gold when it's low, and won't buy when it's high. It's OTC, without NBBO, so they have no obligation to make the market. Also, theft and loss are real issues.
A gold ETF might be an option, but there's a massive spread between the LME spot and market price. You'll pay at least a USD200 premium on the metal now. It makes me a little nervous; I wonder if these ETFs are actually buying the metal to cover their funds. There's some voodoo going on here, and I wonder if JPM et alia are pulling strings again.
Commodity gold futures, including gold, silver, copper, but also other solid commodities.
Beyond that, I'd say a basket of boring, uninteresting essential equities like utilities. In my mind they're one step from gold. Stable, with a steady demand--Peeps will need electricity in the future, right? Perhaps buy an ETF to add a little diversity and hedge some risk out.
Out of the fixed income markets, when Inflation hits, the Fed will raise rates, which decreases bond prices, and causes yields to rise. So you could invest with this in mind, like shorting a bond price ETF, going long on a bond yield fund.
Diversify across these ideas. Above all, don't hold dollars or any currency--unless you're playing the Forex arbitrage game in an inflationary environment XD. If so, may the force be with you!
(My opinion only--I'm not licensed to give advice. Past performance does not guarantee future profits. Buy low, sell high)
