If I have to choose among the three options (Real estate, cash, gold), I will choose real estate.
1. Real estate: it is still over-valued, but not too much. If you need a place to live, buy one now by all means. If you plan to buy one for investment, it is not a bad idea.
2. Cash: It has been clear that, in an effort to fend off deflation, the government has been (and will continue to be) printing money like crazy. Hyper-inflation will be here shortly after the current deflation phase is over. Unless you are very good at timing, I would not hold cash.
3. Gold: gold is in a big bubble territory already, with hyperinflation taken into account already.
