My longer term view is that globally, equities and commodities will be out of favor for quite some time and money will be kept in cash or cash equivalents.
I believe I am onto something here. This is very relevant to what is happening right now in our economies - uncertainty about the future. I was looking at the Gold chart & failing to see the bullishness I am seeing in Silver at the moment, until I had a look at the Silver:Gold ratio chart. I believe Silver is set to start outperforming Gold in % growth, by doing so narrowing the ratio between the two.
So your reference to investments in "cash equivalents" is spot on, the key is to establish what they are.