I getcha.Your investment logic is sound though, I reckon you...

I getcha.

Your investment logic is sound though, I reckon you should trust yourself, perhaps you just need a smaller allocation and a longer timeframe. Gold has held up well the last year, and in AUD terms is not far off all time highs. If you held physical gold you would be infront of most other markets. Even cash has lost 5% due to inflation (7% CPI-2% interest), so it is a protection. The gold mining sector has been out of favour, because of fears over inflation and margin squeeze but unfortunately the good has been lumped in with the bad. NST's margins are still healthy and PE multiples are sensible. It will turn, and IMHO has already started to turn. As discussed with @Rleonars post about the buyzone, I think it might bump around in a 10-12 channel for a while now and assuming a gradual increase in POG continues, then a move back to that 14-15 level in 6 months time doesnt seem to ambitious. Each to their own Trumpie, and all the best.