I think...neither.
While I don't invest in currencies, I don't see currency "collapsing" (quite a vague term). My experience with inflation (maybe that is collapsing), is investment rates of returns go up during those periods (as do commodities for sure)
I am about 5 % in metals, 70 in equities. 5 % other commodities. And it is the equities that gave me my good gains for 2012. Metals...kind of flat since early 2011