Matey, I have watched gold carefully during the last 20 years of war, recession, recovery, surging oil prices, surging stock market, surging real estate, 911, market crashes and the only "flight to quality" I've seen is towards the dollar or dollar based assets such as treasuries not gold.
Gold also doesn't seem to react to inflation as we all learned in business 101 because most of the mines have fixed costs to remove the gold from the ground and any upward movement in the commodity price translate into pure profit, hence the mines start cranking out more gold.
I've been hearing about gold since 1981, if the shit actually ever does hit the fan the first thing I would want is water, food and guns with many bullets. The last thing I would want to be lugging around the desert is gold, a feller with a hogleg would get the drop on me taking my gold, water and food. B-)
With that said I still dabble in XAU options from time to time. B-)
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