> i.e. the few middle/upper middle class people who choose to live within their means, keep a rainy day fund, save for a vacation instead of putting it on a card, etc.
You're describing someone that's good at managing money, which runs counter to the idea of having a big pile of uninvested cash.
Is there any circumstance where you need more than a couple month's income to be in liquid form, without notice? Inflation doesn't have a major impact until you're building up huge amounts.
And if you would ever actually consider gold for stability, stocks should be no problem at all.
You're describing someone that's good at managing money, which runs counter to the idea of having a big pile of uninvested cash.