I would like to add that the choice between gold and bonds in regular recessionary conditions is driven by sentiment. Keynesians are extremely good market manipulators and act as if gold is useless. This shifts the sentiment in favour of the Dollar (and hence, bonds). Although, this time around, the dollar is probably going to collapse with QE for the main street and gold would be the obvious choice.
Trump's Fed nominees
I would like to add that the choice between gold and bonds in regular recessionary conditions is driven by sentiment. Keynesians are extremely good market manipulators and act as if gold is useless. This shifts the sentiment in favour of the Dollar (and hence, bonds). Although, this time around, the dollar is probably going to collapse with QE for the main street and gold would be the obvious choice.