Inflation: Real Estate or Gold?

[Account Closed]

How would you answer this question?

In 2002, 10% of global GDP was estimated to be held in Central Bank Assets. Today is at least 25%. Increasingly the answer to fiscal problems across the world has been to : PRINT MONEY.

I argued to a friend that with inflation inevitable, I think its prudent to hold hard assets like real estate, commodities etc.

He argues that a inflation fearing investor should hold gold instead of real estate, as real estate in the US is a dollar based asset that will not hold up on the global stage if the dollar is devalued massively.

Thoughts?