I would rather have a bubble in precious metals than the obvious scam that is paper assets. Precious metals will always be "Precious" while paper assets will always be paper however I do agree about diversification.Precious metals are the only valid long term investment. All paper assets fail at one point in everyone's lives. It has to work that way to transfer wealth to the next generation. The smartest physical gold investors do it for the long haul. They do it because they don't trust fiat currency - and rightly so. All fiat currencies throughout history have failed. All of them. It's only a matter of time, but they all fail. During the average person's lifetime, investment in gold is always the perfect (and I mean that word literally) way to hedge against fiat, and at the same time store value. Buy more gold as it drops, and sleep well.
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