Lining up current time-frames with the 2008 crisis, one would NOT expect a significant pullback in gold in this stage (especially with the recent reported shortages in actual bullion): after its initial selloff with equities in 2008, gold rallied and sustained its rally (and even the gold miners bottomed end of October 2008, five months before the S&P bottom!). However, I see a 50-65% chance that this crisis will be much worse than 2008 and that we will see new highs in the VIX (unlike 2008) leading to panic selling of everything, including gold . Thus, I need to positioned to add substantially.
Apart from this possible new highs in the VIX scenario, I am very on CEF .
Note: CEF and other Sprott instruments are a great way to own actual gold bullion: much better than GLD & SLV . This may be the crisis where owning actual gold and silver actually matters vs owning paper gold and silver .