In defense of Specbear, he most likely keeps gold as part of a diversified portfolio.  In the past when there have been financial crisis their has been a run in gold.   He was one of the first to short the finance sector.   My guess is he has the gold to possibly capture a panic run.    From what I have seen, which is not very much, gold is useful as a hedge, but not much of an investment.

I agree with you though that a run in gold and silver is overdue with the printing presses running full speed, but it has not materialized.    The growth in the money supply has not overcome the contraction of the credit markets.