Government has huge power these days and it can exercise this power longer than anyone around can stay solvent. It makes doom-and-gloom reason for gold prosperity (prosper because everything else down) limited, i.e. it does not take into account government ability to take gold down too or simply confiscate “windfall profits” if they ever appear in gold investment.
In my opinion, our success, as investors, is less global; i.e. we could succeed by investing in good stocks by buying low and sell high, while our chances to succeed because of global catastrophe are less transparent. This micro-approach assumes more emphasis on individual investor performance, due diligence, individual stock research, etc.; global trend could be helpful, but it will not help in case of, for example, poor stock selection or bad market timing.