Anyway, in the end I did add to my precious metals positions via Perth Mint Gold's fund. This is now 8% of my financial assets. It felt dirty buying gold at such high prices but whatever. I like the cut of Mark Mobius's jib and he said I should be buying gold at any price.
https://www.youtube.com/watch?v=DgLGIqhpwsA&t=1s
Will I keep it at around 8%? Probably. Most of my shares are now boring utilities and other dividend players and I have cash on hand as well. I do have Rio and BHP which will probably sh*t themselves when the recession comes but I figure the world will still need copper and other commodities so I'll look away as they get cut in half, keep the DRP going, and think of sunny uplands.
The gold position is a hedge albeit a poor man's one. But importantly in means I will be able to stay broadly invested in the markets.