The expected average return for physical gold and silver is just inflation while the expected standard deviation (risk) is very high. As a result, the optimum asset allocation to physical gold and silver is 0%. It is not near the efficient frontier. If you want to purchase some physical precious metals, we recommend limiting your purchase to 3-5% of your investable assets. An investment is something which pay you money. By that definition, gold is not an investment.
We recommend you use resource stocks as an inflation hedge. Investing in commodity based stocks is different than investing in commodities or commodity futures. Here are some articles to expand on these principles: