By Dan Ferris in the S&A Digest:

Porter kicked off our Spring Editors Conference in St. Michaels, Maryland, this morning. He warned everyone about inflation. And he gave his favorite way to protect yourself from inflation... Buy gold, silver, copper, and oil. Hold them outside the U.S. The only "pure play" for copper is in the futures market. But that's difficult to trade. So Porter recommends buying Freeport-McMoRan. For silver and gold, own bullion and store it in a self-storage facility. When the government comes looking for your precious metals, it'll look in the banks... Not a locked shed off the interstate.

One attendee asked Porter if he liked shorting currencies. He doesn't. If you're shorting the euro, you're long the dollar (or some other currency). The only way to truly short every currency is to own gold. Porter said another way to play inflation is to buy highly leveraged companies. As inflation takes hold, the value of their debts will vanish.

After Porter and a couple other speakers this morning, I presented my No. 1 Extreme Value stock pick. The presentation was well received. Everyone in the audience – including a few of the richest, most sophisticated mining investors around – agreed [this small gold stock] was an excellent, low-risk opportunity with a really good chance of making many times your money over the next few years. The stock got above our maximum buy price for a little while... but now it's below it, and I'm strongly recommending it again.

Crux Note: To learn more about the only junior gold stock good enough to earn a spot in Dan's Extreme Value buy list, click here.

More from Dan Ferris:

Why you should consider selling some of your stocks

Gov't is guaranteeing huge profits for these tiny bank stocks

Dan Ferris: "One of the best investment ideas out there today"