By Daily Crux Editor Justin Brill:

As a Daily Crux reader, you're probably well aware of the reasons to own gold. First and foremost because gold is money... simply a form of savings that can't be devalued on a government's whim.

But if you're buying gold to profit from inflation, you may want to reconsider. Rob Arnott, chairman of Research Affiliates, whose investment strategies are used to managed $43 billion in assets, says gold only keeps pace with inflation, leaving you a net loser after taxes.

Instead, Arnot recommends investors buy common commodities, Treasury Inflation-Protected Securities (TIPS), and real estate investment trusts (REITs), which will outpace inflation over the long term. His top choice is emerging market bonds, which you can buy with the PowerShares Emerging Market Sovereign Debt ETF (PCY).

Arnot says that because many developing countries are commodities producers, their debt will rise in value with U.S. inflation, allowing investors to realize capital gains in addition to high yields.

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