Well, the truth is that there are many types of portfolios and none of them is perfect. Depending on one's personal situation we may require different distributions. In my opinion, if you have a high net worth, for example $4M, I think it is silly to have 25% in cash that will lose you 15% annual purchasing power in the next years. For Gold I'd rather stick with Bitcoin, which is Gold 2.0, although I think it's acceptable to have something like 80% Bitcoin 20% Gold.

But well, as you say, it is a portflio more to protect than to perform so that each part of the portfolio protects you against certain types of problems, so I think it is OK, although I will never use it.