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May 20th, 2010 at 9:15 am
Wait, the everything is going to hell in a hand basket but the solution is to hold intrinsically worthless pieces of paper that depend on bankrupt governments to manipulate their value.
And if it is as bad as they say then gold won’t work either since they’ll just ban it like FDR did.
So buy guns and ammo. They are the only investment that can protect themselves and you.
(I make no assertion that the stock market won’t crash and burn as predicted nor that western capitalism won’t be in ruins. I merely comment on the irony of crying disaster to be countered by moving into cash which can be destroyed by a mere thought of the FED chairman.)
May 20th, 2010 at 9:28 am
The advantage of holding large amounts of cash right now is that when the second dip comes, you can buy at the low.
May 20th, 2010 at 9:49 am
This is a lot of nonsense propagated by scum like Beck who make money from their lies. They like the people foolish enough to propagate this nonsense as they profit from it.
Gold is priced so highly now that there is no way you will make a profit from it and it will be as worthless as paper when the zombies come if thats what you are afraid of.
May 20th, 2010 at 10:57 am
While I have a modest amount of specie on hand for The Dark Times (Heinlein readers and SCA members will do better than NYT readers and ACLU members) I think my investment in lead, brass, powder, blue steel and walnut will prove much more valuable in the long run.
May 20th, 2010 at 10:59 am
I’m not selling my beer, no matter what you say!
May 20th, 2010 at 11:32 am
I agree there is a gold bubble so holding that.
On the other hand, between the Euro debt problem and the fact there’s likely to be a second foreclosure wave in the US as a big glut of ARM mortgages hit their first reset between now and 2012 there’s probably going to be a big dip in the stock market.
Not the end-of-the-world crash some people are predicting, but a big decline. Selling stocks and holding the cash to buy into that decline is a good strategy.
May 20th, 2010 at 12:23 pm
A fine strategy but a little out of place when the claim is that “you won’t recognize America by the end of the year.”
The implication in the headline is that it will be the lowest of lows with no hope in sight. Darkness, darkness will prevail as America enters night. Stocks will be bad, cash may be worse. It will seem as if the American dream has become a curse. When they come for your gold what will you do, if you neglected to invest in steel colored blue.
May 20th, 2010 at 12:37 pm
I remember the Dow at 80, off of 1000 plus in 1929. In order to fall to the equivalent of 80, it would have to close below 1600. Do I think it will? Yes.
Stranger
May 20th, 2010 at 2:09 pm
Right, well as I said, I think there’s a legitimate concern of the big decline in the market, but not the “OMG WE’RE ALL GONNA DIE” hysterics you’re seeing in a lot of places.
May 20th, 2010 at 4:34 pm
Darwin, you need to wake up and smell what you’re shovelin’, honkee.
May 20th, 2010 at 6:00 pm
The gold/metals market is manipulated just as much as the stock market is.
May 20th, 2010 at 6:50 pm
While metals are certainly subject to crazy market forces, they have a track record of holding value. X oz of silver bought a gallon of gas 50 years ago and the same X oz pretty much buys a gallon of gas today.
They are not an investment, they are a way of not going backwards.
Sure, private metal ownership could be banned again. So could private 401K, home, and ammo ownership.
May 21st, 2010 at 11:31 am
Metals are great if you want to hedge against inflation. If you think the world is about to turn into a Mad Max movie, it’s not. In a crisis, no one is going to exchange an immediately useful item like food or gas for gold.