Retirement Armageddon - Gold - Silver - Market Crashing?

Folks,

The general market continues to go down taking with it commodities, precious metals, and virtually all stocks. There is a run from the stock market accelerated by margin calls. There seems to be more to come.

I suspect that we will see an upward bounce or two along the way, but this is a horrible market. I have not begun a total sell out yet. Yes, there are losses in the portfolios, but I have, as mentioned in the past, sold some to accumulate cash to be ready to buy when the time is correct.

Here are the 24 Hour Gold and Silver graphs showing the lowest prices in quite a while. This is the bad news for the precious metals.
Below is our proxy for Gold (GLD). It is presenting a terrible looking graph. The only positive is that the price is above both moving averages. A break below the 50 Day MA would indicate a further drop for GLD and Gold. I have drawn in three support levels with the top being the weakest downward to the strongest. Believe me, we do not want any of these to be broken. All is in the hands of King Jesus who cares for and protects His people. We can rest assured in Him. We must never trust completely in man. Only God is totally trustworthy. Praise Him daily.

From Daily Pfennig: "Good day... And a Happy Friday to one and all! It's a draggin' the line Friday for me, but I'll make every attempt to turn it into a Fantastico Friday for sure! The Big Stock Sell off that I've warned about since probably June of last year, looks like it has finally arrived... Bringing with it, my biggest fears, that the link between all the risk assets, had not been broken completely, and this link has turned into a bloodletting on currencies and commodities...

OK... So I got that out of the way, front and center this morning! You know... Ever since I began writing about a Big stock sell off, I told you that, should the link remain in place, and the currencies and commodities have adverse reactions, then we would come to the fork in the road... The people that bought currencies and commodities to keep up with their neighbors, in hopes of being able to brag about their returns at the next bar-b-que, will panic and sell, making the sell off even worse... The people that bought these risk assets for the "right reason", which was to diversify their investment portfolios, so that not all their investments were denominated in dollars, and to provide a hedge against further potential losses by the dollar, and to reduce their overall risk for their investment portfolio, will just batten down the hatches, hunker down, and ride this out... And... If any thing, look to pick up more of these risk assets at cheaper levels as we go along...

So... I was at the booth here at the Orlando Money Show, and a fellow walked up to me and said, "Gold is down $45, what do you have to say about that?" I said, "WOW!" sounds like a bad day a Red Rock for Gold, did you buy some at $45 cheaper than yesterday's price?" He was stunned that I came back like that... For he was simply trying to rub it in my face!"

Gary North presents Retirement Armageddon on video HERE. He makes a very good case for poor retirement of most people. Being forewarned, one can help himself. This is a long (about 94 minutes) but worth the effort. It demands that all of us cut our spending and prepare for retirement. Many will be facing loss of jobs and income.

Here are the miners from Scottrade.com:
Here are the currencies from Kitco.com:
Some prices at this time: FVITF 2.05; BYDDF 7.10; CMBPF 0.83; XDSL 0.026; DOW off 31 to 9971.48; Gold off 6.10 to 1057.10; Silver off 0.29 to 14.97. A close of the DOW below 10000 could indicate a crash to below 8000 in the near future.

Be sure to listen and heed Gary North's video. I know that it is long, but it is so important. Often, I will put an important video on, minimize it, and continue to listen as I continue my computer work.

Best to each, Doug