I meant CGMFX.

I have never owned PRPFX, although I have come close a few times.  The ten yr annualized return for this fund has been 9.76%, so it has held up nicely, especially in the 2000-2002 bear market (20 yrs is an awfully long time period..."internet"?, what's that?).  I agree that its returns lately have been due in large part to its gold holdings, but I suspect that its currency and bond portions have also performed well recently. 

This fund is clearly a hedge on a variety of problematic scenarios, including inflation, falling dollar, etc.  So I would not expect much out of it when the markets are humming along (like the 90's),  That said, perhaps this should be a smaller part of your overall portfolio (e.g., 10%, rather than 20 or 25%).  Personally, I have some gold and commodities (~5% VGPMX + PCRDX), and nearly 40% of my equity stake in foreign funds.  So I don't think I need PRPFX at this point.  I also have a large portion of bonds and I am at my low for stocks (35% now; so you can see I am rather conservative).  However, PRPFX seems like a good surrogate in a single fund for a variety of diversifing type of assets (REITS are another class that could be added).

I don't know anything about GLBLX, which is a new fund.  I do own some LAALX, which is also sort of a hedge on rougher economic times (e.g., this fund can short stocks); we'll see how it does from here.  If it were me, I would opt for a more established fund, perhaps a purer foreign fund with some exposure to emerging markets.