I am going to post Patrick’s comment in its entirety, because it is very insightful:
What’s your long-term on gold? As the half-life between bubbles gets smaller, we approach a 1987 moment most likely where not just extreme volume ratios but infrastructure drop the market. Remember in 2008 it was metals in Feb/March, Grains in April/May, Energy in June/July and then finally a “bubble” in dollars as everything finally couldn’t hack it anymore and unwound.