Gold is not a good investment in deflation. It only did well during deflation in the past because the gold price was pegged in US dollars, which is not the case now. I'm betting on Bernanke and inflation, so mostly own PMs. But I also fear we could have deflation if money printing won't inflate (i.e. pushing on a string). So I also plan to have cash (75% PMs, 25% cash) in case of deflation instead of inflation.