I own some (paper) gold because I think it's been neglected. The market and real estate have produced outsized returns for 20 years (even factoring in the 2008-9 recession), and investors haven't really gotten spooked. Popular stocks are still trading at 100+ (or even 1000+) P/E ratios, and everybody's kid sister is now a stock wiz.

I don't know what it's going to take to scare retail investors out of stocks, but when it happens, metals will benefit.