Gold at AU$44,000/oz, page-140

I'm not saying that something can't come out of left field and cause a crash or recession, but there's no evidence to convince me. In the case of both 1987 and the GFC there was lots of evidence of gross excess, you couldn't miss it, it was everywhere.

Amateurs poured money into the stock markets, car sales were through the roof, local bodies were borrowing billions, even Joe Public geared up and spent the money on vacations and new cars thinking house prices would go up forever. And of course the stock markets soared, the local stock market was the most overvalued in 1987, and the crash was catastrophic, many lost everything including their houses.

In the case of 1987 the gold price crashed as well, but in the GFC the gold price became the bubble followed by the 2011 crash.

There's no guarantee that gold will go up in a crash or recession, silver didn't in the Great Depression, it crashed as well, the gold price was fixed.

BTW, Chamberlain didn't say there would never be a war, he said "peace in our time".