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What sort of investment timeframe are you looking at? Short-term, it's probably a good call given the state of everything that's going on right now. Long-term though, I don't think it does well historically compared with stocks and index funds, though I can't find some hard data to back up my hunch. For investing long-term, you can just buy stocks now while they're in a lull -- that way you're getting them at a discount.
I also wouldn't put all your money into gold -- you gotta diversify.
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