You are right, when inflation takes off cash is not king, but...

You are right, when inflation takes off cash is not king, but where else do I put it? Housing, Shares, Gold? My pick from those 3 would be Gold, but even then, with the rising Aussie dollar, it takes away the gains and recent weeks have seen big declines in gold and silver prices. At this time I have chosen to be defensive and limit the risk, wait for opportunities and then jump in.