I agree that value investing is generally a good strategy. It worked for Warren Buffet, obviously. However, the time horizon for success can be long, and there are times when it would be better to stay in cash, or to go short/buy put options. Now is such a time, in my opinion. Note that Buffet's net worth has gone down the last few years. His situation makes it highly inconvenient for him to go totally to cash. Such are the problems of being a billionaire, I suppose.
As for gold, my position (which I've repeated here many times) is that gold and gold stocks are still in a secular down market. The action over the past two years has been a bear market rally, which is now over. Nevertheless, I'm expecting a short term gold rally starting tomorrow. But the rally should fail to exceed February's highs.