Insured cash positions are great but you dont get much of a currency hedge. The inflation vs deflation position that justifies gold as an investment is a very big simplification. Gold is insurance against currency risk (say a 50c AUD), we could also have hyper inflation in in Yuan or Rupee, if that happens gold demand would get a lot of extra demand from China and India. The bond market is about 40% USD and about 20% YEN , in a deflationary collapse holding AUD is probably a fairly poor choice.
so a mix of USD, Yen , AUD insured deposits and gold physical is probably the best strategy.
