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Wednesday Aug 20 2008
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A bear market is a bear market whatever currency it is converted into but this does indeed show just how bad things have become on Wall Street. And how much worse will this become before the market hits bottom?
There are no prizes for holding on in a falling market. You just lose money. The only logical thing to do is sell, sit on cash or find an asset class that is still rising.
If you look at gold and silver over the past week you will note a strong break out from the head-and-shoulders of the past couple of months. Any chartist will tell you this is highly significant and a definite buy signal.
For anybody serious about buying into precious metals I have looked in detail at the best options on my blog today, this is not a definitive guide but looks at the main issues for retail investors, see: http://arabianmoney.net/2008/07/05/equities-falling-gold-rises-to-950-silver-past-18/