IIRC, the permanent portfolio is 25% stock index, 25% long term bonds (which do great in low inflation, dropping interest rates), 25% gold, and 25% cash/short t

IIRC, the permanent portfolio is 25% stock index, 25% long term bonds (which do great in low inflation, dropping interest rates), 25% gold, and 25% cash/short term debt. Bonds doing terribly means interest rates spiking, and potentially defaults, or massive inflation. Which are all possibilities. In those cases, you’re probably going to be very happy for the gold portion of the permanent portfolio. And it has been on a bit of a tear, recently, rising ~15% vs USD.