It's not gold, and it's certainly not Treasuries.
It's dividend stocks.
Companies that pay consistent dividends are in better fiscal shape than the U.S. government, and the payouts significantly outpace those of Treasuries. The advantage over gold of course is that the yellow metal yields nothing - it's simply a store of value.
And yet dividend stocks also protect against inflation, since profits for the companies behind them tend to rise alongside prices.
To understand the advantages dividends can provide an investor during a down market, just look at the implosion of the dot-com bubble in 2000.