To return to a pet peeve of mine: is there any inflation in the US? Well our government says no, but if you add in food and gas (which the government excludes from their calculation) it sure walks like a duck and quacks like a duck.
Ever wonder why the price of gold and silver are close to the highest price they have ever been? It is because we are pricing them in dollars. They have become more valuable in all currencies for sure, but because the value of the dollar is slipping, these items, and other commodities are jumping to new highs.
It makes sense to have some or all of these items in your investment portfolio in some form. Allocate a percentage that makes sense to you, but these items are probably going to continue to increase when we finally do get inflation (ha ha).