I haven't got any exposure to precious metals at the moment, but I'd like to start building a small position as a hedge against potential "doomsday" scenarios, and also because I think the Dollar looks overvalued over the medium- to long-term, and a weaker dollar suggests a higher gold price over time.

Does anyone else have a gold allocation? Do you hold an ETF? USD denominated or Sterling hedged? Or do you have a stash of gold sovereigns in a safe deposit box somewhere? Gold coins have tax benefits because they can be bought VAT free and are not subject to capital gains tax.

Would be very interested to hear your thoughts on gold - both on whether it is has a good prospect as an asset class, an also on what is the best way to hold it as a UK / sterling based investor.