Gold is a hedge against inflation, but so is owning nearly anything of actual value. The price of a loaf of bread goes up with inflation. This is why people should be making investments, and not just hedging. Hedging with gold doesn't create wealth, it freezes the value of whatever work you used to earn that gold. The bonus aspect of my suggestion is that it's game-winning suggestion - it hedges against inflation AND causes total wealth to increase. Gold mining is nearly a make-work activity (given its actual utility and current price). Buying gold just incentivises people to go and extract gold (with its associated fuel & ecological cost), and then places the money used to buy the gold into stasis.
It has a place in a portfolio, but only a teeny, teeny one mostly as a curiosity. The opportunity cost of buying gold is whatever else could be productively done with that money. Gold buying takes from the pool of capital available for investment and real economic growth.