I's not. I just think it's the right place to put your money here and today. Previously I have distinguished the following 4 reasons on ET when gold is the asset of choice to own. 1: Geopolitical/economic dislocations. 2: Negative real intrest rates. 3: The Dow Gold ratio as a measuring instrument on paper VS hard asset cycles. 4: Investor Mania as a signal of possible bubble forming. At best you could say number 4 is in force and a possible reason for caution but the other 3 factors are not even close to signaling a possible top for the bull run in gold and precious metals.
I dont think anyone since the 1960s ever paid spot price for 1 to 5 gram bars.(unless they are cash for gold buyers) There has always been a premium attached to small amounts of gold bars/coins. You dont get spot rate unless you are trading 100 ounce contracts. I have seen banks pay 6% UNDER spot when buying a metric ton of gold though.