"You have to have cash. In cataclysmic economic times, the possibility or even probability of a psychotic break like we had in 2008 are high. Having cash gives you the ability and the courage to take advantage of fire sale pricing and my suspicion is sometime in the next 18 months we're going to see fire sale pricing.”
Cash yes, but his definition of liquidity also includes metals:
How to prepare? To begin with you are going to need to maintain liquidity, even though maintaining liquidity, in current terms, is going to cost you some money. Does that mean you maintain all of your liquidity in US dollars? Personally I am not doing that. Personally I am trying to maintain about 1/3 of my liquidity in physical metals or proxies for physical metals.
I have no experience in the futures market but I would guess that the worst was over yesterday. When you have a rout like yesterday those who wish to depress the price of gold will keep the pressure on to maximize the damage. The volatility alone is enough to discourage some gold players. As I write this gold is up $10 in the spot mkt which is encouraging but the day is just beginning. I did buy AG & ANV at the close if we do rebound this morning but it's just speculation.