Don't rush out and sell stocks or buy gold on the back of the Brexit vote. By the time you're reading this, you're already late to react.
Even confirmed gold bugs agree.
Jordan Eliseo, chief economist at precious metal and gold bullion specialist ABC Bullion, says his advice to investors would be to sit back and assess things over the weekend.
"The vast majority of the moves in the price of equities and gold have already happened, so it's a time for investors to reflect and recalibrate," Eliseo says.
"The markets will be calmer next week – calmer but lower for equities, calmer but higher for bonds and [gold] bullion."
Investors fled for the perceived safety of gold as soon as it became clear that the "leave" vote would prevail in Britain's referendum on membership of the European Union.
The price of gold jumped from $US1268 ($A1714) to $US1351 an ounce – its highest point in more than two years – in the space of just two hours and 10 minutes on Friday, before dropping off slightly later in the day.
There was corresponding pain for equities with tens of billions wiped off sharemarkets around the world. In Australia alone, the ASX200 finished the day $50 billion or 3.2 per cent lower, as investors braced for the volatility to come.
The British pound fell to its lowest level against the US dollar since 1985.
But in the immortal words of the late, great Douglas Adams, DON'T PANIC.
Instead use it as an opportunity to review your portfolio. Don't buy gold because of Brexit, but you might end up buying gold as a defence against the next Brexit or unexpected geopolitical event. Some fund managers argue the election of Donald Trump as US president is a significant investment risk.
"Gold has been one of the strongest performing assets all year," Eliseo says. "It hasn't just been rising as a result of Brexit, it's one of the great event hedges out there. When there's a geopolitical shock gold tends to do well, as well as other safe-haven assets such as the [US] dollar and bonds."
Eliseo points out that gold can play a role in a growth portfolio. By the end of April this year, gold in Australian dollars had risen 9.3 per cent a year since the turn of century, versus shares at 8.3 per cent, bonds at 7.8 per cent and cash at 5.2 per cent.
Shares in gold miners are also up, but as Eliseo points out, there are good gold mining companies and bad gold mining companies, whereas gold is the same no matter where you buy it from.
In October 2008, with the global financial crisis in full swing, Warren Buffett wrote a famous op-ed for The New York Times in which he said that his investment rule is to "be fearful when others are greedy, and be greedy when others are fearful".
By that measure, some might argue that now is the time to sell gold, buy stocks, and speculate on the recovery of the British pound.
Eliseo agrees there's a "credible case that the pound is looking like a more attractive buy after the drop", though he thinks most Australian investors are already overexposed to equities and underweight in defensive assets such as gold.
I wonder what Buffett is doing right now.
