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Posted on September 27th, 2008 by Ogre
My advice to you? Don’t bother checking your “retirement” plans right now. They’re actually worth about as much as that government-run retirement scheme these days…
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The only way to look at the stock market right now without wanting to storm Washington with pitchforks is to see it as everything is on sale. When it’s down like this, you can buy more shares cheaper than you could before. That’s what Wall Street is doing, you might as well follow along while you still can.
True. I’m considering switching everything in my non-government retirement accounts to Swiss gold accounts: https://secure.swissamerica.com/offer/IRA.php
Because there is precedent in Government seizure of private gold, I prefer silver and have been buying both physical silver and shares of SLV, an ETF that is backed by silver holdings. Silver also trades much lower than it’s average historic ratio to Gold, so there is much more room for appreciation. Prices are pretty good right now. Silver is trading around $13/ounce, down from over $20 last spring. I think it is highly likely that it goes back up that high, if not higher, pretty soon.
Indeed, I have been buying silver coins and bullion for some time now. I’m thinking of larger amounts and moving my 401K into gold — and with the Swiss account, it will be held in physical gold, deposited in a foreign country where it will at least be harder for the US government to seize.