A lot of people think gold, silver and, more recently, cryptocurrency are so-called "crisis hedges," assets you can own that supposedly will do well if there were to be an economic or financial crisis. Well, stocks, gold, silver and the cryptos have gotten shellacked recently. So, what's going on?
Robert Prechter observes that at some periods in history gold has been money. But when it isn't, then the claim that gold is a crisis hedge fails. Which brings us to the real crisis hedge during deflation: cash.