According to strategic investor Dennis Gartman gold is probably the best play and he likes playing it with the gold ETF (GLD). “Gold goes up as inflationary concerns arise and the dollar gets weak,” he explains. “The trend is up right now. I’d buy on a $10 dip.”

Grains present another play on upward pressure. “The trend is from the lower left to the upper right,” Gartman says. “And I think the ETFs are also the best way to play grains." In the space he recomends iPath AIG Grains ETN (JJG) and PowerShares DB Commodity Index Tracking Fund (DBA).

Grains present another play on upward pressure. “The trend is from the lower left to the upper right,” Gartman says. “And I think the ETFs are also the best way to play grains." In the space he recomends iPath AIG Grains ETN (JJG) and PowerShares DB Commodity Index Tracking Fund (DBA).

Steel names may also experience some tailwind due to inflation. “The lower dollar has helped US based companies including as US Steel (X), Nucor (NUE)and AK Steel (AKS),” explains Guy Adami because our steel is less expensive to overseas buyers.

Steel names may also experience some tailwind due to inflation. “The lower dollar has helped US based companies including as US Steel (X), Nucor (NUE)and AK Steel (AKS),” explains Guy Adami because our steel is less expensive to overseas buyers.

Steel names may also experience some tailwind due to inflation. “The lower dollar has helped US based companies including as US Steel (X), Nucor (NUE)and AK Steel (AKS),” explains Guy Adami because our steel is less expensive to overseas buyers.

Also Potash (POT), Monsanto (MON) and Agrium (AGU) are inflation plays that should work through the end of the year, according to Joe Terranova and Pete Najarian. They believe that as farmers get higher prices for their crops they will turn a large portion of the money into fertilzer, seeds and other ag products. “Buy on the dip and sell on the rip,” says Terranova. “If you see a dramatic 10% pull back in the ag stocks, that’s when I’d buy. And the story will break at some point but right now I think it remains in tact,” adds Najarian.

Also Potash (POT), Monsanto (MON) and Agrium (AGU) are inflation plays that should work through the end of the year, according to Joe Terranova and Pete Najarian. They believe that as farmers get higher prices for their crops they will turn a large portion of the money into fertilzer, seeds and other ag products. “Buy on the dip and sell on the rip,” says Terranova. “If you see a dramatic 10% pull back in the ag stocks, that’s when I’d buy. And the story will break at some point but right now I think it remains in tact,” adds Najarian.