In this test of your wits you will decide whether to own over-valued assets or switch elsewhere. Month by month you will be faced with new and worsening circumstances. If you wait too long you will ride them down, how far nobody knows. As in all major market turns, surprise will be a major factor. No advance warning signals for a privileged or clever few will be flashed.
Manias exist because a popular point of view becomes over-exploited.
A willingness to act in advance, when the negative catalysts are still unclear, and risk leaving money on the table, is the only certain escape. When you do that you're locking in the value of your assets. Gold is probably undervalued and since the price hasn't risen, it has little of the downside risk carried by high-priced assets. There are few alternatives to the over-valued assets in most portfolios. Gold leads the list.