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Message:: [QUOTE="Morgan1878, post: 734699, member: 17869"](Note to Elaine: you may want to cover your ears) The puzzle with the global macro-trends right now is that you can make good arguments for precious metals going up or down. Rising inflation, dollar decline and central banks diversifying their assets are all macro-elements that support the idea that gold will go up. Underutilization of factory capacity, a surplus of cheap labor worldwide, competitive pricing in most consumer categories and the absence of ways to leverage capital (easy borrowing, goofy loans) in the "new" global economy are all macro-elements that support the idea that precious metals have seen their best days. Because of this, I consider my precious metal position (around 8% of total portfolio) to be insurance. The big distinction here is that I am not buying this asset to make money. I am buying this asset to protect the rest of my portfolio in case an unlikely set of calamitous circumstances (called a "Black Swan" event) should occur.[/QUOTE]