Why not both.. based on Chinese/Indian/Russian/German central bank action I do find the argument that gold is now a "worthless, obsolete shiny rock" unconvincin

Why not both.. based on Chinese/Indian/Russian/German central bank action I do find the argument that gold is now a "worthless, obsolete shiny rock" unconvincing & I think a good case has been made for a modest allocation to physical PMs as insurance against tail risks. The goal is not to "outperform everything else" during normal market conditions but rather to limit worst-case draw down in the unlikely event of a major and sustained equity collapse, currency collapse, etc.