I'll take a swing at the hornet's nest!
Yes, I'm hedging, but not with precious metals. I don't think they have enough utility and, further, they're in a hell of a bubble.
There is some limited utility in electronics, but other than that, precious metals are mostly for jewelry and decoration. A bar of gold really doesn't have any utility to its owner. You can't use it for the basics - water, food and shelter. It mostly has decorative value.
Another consideration is that production is through the roof. Thanks to the demand, they're mining precious metals like crazy. Usually, when supply goes up, prices go down. But not in a bubble.
Also consider that whatever "investment" is considered a safe bet because "everyone" is buying it is always an indication that something is overvalued and possibly in a bubble. Tech stocks were unbeatable about ten years ago. Remember when real estate was going to continue going up forever? Same thing is going on here - the smart money has already pulled out or is hedging their bets against precious metals.
Me? I like cash, blue-chip tangible goods and real property.
We're set for hyperinflation, but it hasn't kicked in yet. So it's still safe to hold cash, even at low rates. Good tangibles wouldn't be speculating on a particular rare car. But if you can find a nice old Mustang or Corvette for $5,000, that's safe. If inflation kicks in hard, the Mustang might end up worth $15k-$20k in a few years. That wouldn't be so bad, would it? A nice return and you'd get to drive it in the meantime. I've also bought some nice tools, since those hold value and will shoot up with inflation. Same with some old radios, fountain pens and watches I have. I've been into those for years and know the market - I wouldn't recommend collectibles unless you've been watching the market for some time.
Real property is very good right now, believe it or not. In some markets, you can actually collect rents that provide a profit over mortgage and expenses. My family and I are closing in on seven units. We can put down probably 50% or better and they'll gross around $4,000 a month. If inflation kicks in, rents might double. But the mortgage will be the same.
It'd be paid off fast and would then mostly generate cash.
Also looking at buying a wreck of an old house. It needs everything, but could be bought cheap. Thing is, if you get it on the National Historic Register you get a 20% tax credit on all expenses. Also, in Arizona (where it is), the Registry will result in property taxes at 1/20 (!) of the normal rate. That makes all kinds of sense.
Further, real property gets you a mortgage deduction and you get to expense all repairs. Precious metals don't give you any kind of tax benefits. You have to consider taxes in the mix - they can make an investment much better when you consider the whole picture. Rents also give you unearned income. For me, unearned income is the alpha and omega of investing. The goal is to get where you don't have to pull 40 hours weeks to put food on the table.
I'm also considering a piece of agricultural property. I've only scratched the surface but, my word, there are a host of benefits to owning a gentleman's farm. Not the least of which is an opportunity to buy cheaper gasoline.
I'll get back into securities when the market dumps. It's being propped up with funny money (bailouts, etc.) right now. But when it goes, it'll undershoot. When that happens, I'll buy into heavy industry, mining, pharma, utilities, tech (basic producers, not end products like Apple or Microsoft), and possibly defense. But stocks are overvalued right now.
Anyhow, with $300, I'd sit on it in cash right now. If the market dips, I'd roll it into something like an electric or natural gas utility. Many of those pay dividends and they're not going away no matter what. They will always have a market to sell to.