Stocks in some countries have more upside than others. The stock market in Vietnam, due to the improving economic fundamentals, has better potential than Hong Kong and China, where the fundamentals are worsening.
I also believe precious metals are inexpensive, though they may stay inexpensive for a bit longer because sentiment is now very negative.
Again, if you said, "Marc, here is $1 million, but you have to put everything in either gold or in the Dow Jones," then I would say I'd take gold.
Everything is distorted, and it's a relative game. Looking at the fundamentals of the world, including the quantity of money, the magnitude of debt as a percent of GDP, the low economic potential and the mad frame of mind of central bankers and their intellectual dishonesty, I would own gold.