Memristors are devices in which the conductance state can be alternately switched between a high and a low value by means of a voltage scan. In general, systems involving a chemical inductor mechanism as solar cells, asymmetric nanopores in electrochemical cells, transistors, and solid state memristive devices, exhibit a current increase and decrease over time that generates hysteresis. By performing small signal ac impedance spectroscopy, we show that memristors, or any other system with hysteresis relying on the conductance modulation effect, display intrinsic dynamic inductor-like and capacitance-like behaviours in specific input voltage ranges. Both the conduction inductance and the conduction capacitance originate in the same delayed conduction process linked to the memristor dynamics and not in electromagnetic or polarization effects. A simple memristor model reproduces the main features of the transition from capacitive to inductive impedance spectroscopy spectra, which causes a nonzero crossing of current-voltage curves.