Eventually I may start purchasing GLD, but in the meantime, I continue to hold AUY as a hedge against the US Dollar. They are one of the lowest cost miners of gold and also have significant copper production.  While a recession in the US could affect the demand for copper domestically, I believe we are still in a global commodity bull market.  Although copper prices seem to have stabilized recently, we are still close to the 5-year high.  I don't think I have to mention where gold is at.