Most financial advisors like to fancy themselves contrarians. But Steve Henningsen, partner and principal of the Wealth Conservancy in Boulder, Colo., really walks the talk. He has avoided much of the downside in what he considers a long-term secular bear market by minimizing risks and buying enormous quantities of gold and silver for his clients.

Henningsen started buying gold when it was selling between $300 and $400 an ounce in 2003; he is still buying it at $1,350. Aside from exposure through some absolute return and precious metals mutual funds, there are no U.S. equities in his model portfolio. None.

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