Uh, gold is supposed to be about the most conservative investment there is and its gone up 300% since 2000.

Using extreme leverage is *always* very risky. And yes, if you make a good play you can multiply your earnings many-fold. But consider that every foreclosure or bankruptcy is an example of leverage going the other way.

In a deflationary environment, people with cash/income, no debt and no assets will be rewarded.

Crashing home prices, banks failing, AAA bonds becoming worthless, this is all game changing.