And there's also the matter of retail markup. Back in the '80s when gold was peaking at around $450/oz., a coin dealer tried to convince me that his substantial markup didn't really matter because "Gold's going to 800".
The markups make every PM coin a tough buy right now. And Gold did not experience the 50 % depreciation that all major commodities have experienced. I am sticking with the Silver Eagles for now. Cheap and silver did take its 50 % depreciation. The markups are difficult though. I have a business and a few general partnerships (micro sized companies with no relationship to PMs) and what I am looking for is a form of money to conduct transactions with in the future that is independent of any government action. The worse case for silver is that in a depreciation death spiral it loses another 50 %. Gold could lose another 75 % assuming worse case deflation, but it has resisted the 50 % depreciation. Took about a 25 % hit.
Gold did go to 800.