Maybe yes, maybe no. I use PMs to protect a certain portion of my wealth (such as it is) and I'm pretty close to my goal. One needs to be careful not to over invest in wealth protection as it may be quite a while before you'll need that type of insurance (if at all) and you' don't want to get caught with all your eggs in one basket. I'm not all that concerned about spot prices as I'm in it for the long haul (which for me ain't all that long)
My PMs are insurance. Just as one insures his house and doesn't complain if the house never burns, I'm not constantly checking spot prices on treasures I will hopefully leave behind when I die. Gold is already down; another 100 won't bother me cause mine isn't for sale :)
Jim Willie likes silver to the tune of about 80% with the rest in gold. He doesn't like farmland cuz it's in a bubble and you might find that yer wells end up being polluted by nearby fracking. Billionaire Eric Sprott said he was 80% in silver (maybe including shares and miners). Bob Chapman--remember him?--was 80:20 gold to silver and moved to 50:50 a year before he died. Coincidence?