I think it is too early to call an end to the inflation hedges. None of the worlds problems have been fixed. We will probably get a sector rotation for a while but I would not call it dead just yet.

No big banks anywhere can be allowed to fail because of the derivatives exposure of the counter parties.

The US government wants inflation and a rising stock market just not in commodities. Financial repression is their only way out from under the enormous debt.

Interest rates in the US can not be allowed to rise or the 1.3 trillion deficit per year will balloon.

There is plenty money printing to come.

Until they actually fix the real underlying problems there is no investing just a lot of volitlity as the big players jump from one hot asset class to another.