The Dow is dropping like a lead balloon, Gold is finally responding (going up for the first time in like forever)
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The Dow is getting hammered
- Thread starter DrHenley
- Start date
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The Volatility Index (VIX) is currently at 28.30. A VIX above 20 means fear is entering the market. A VIX above 25 is said to indicate "True Fear." Above 30 is the "Chicken Little" scenario.
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DavyRocket
Active Member
Gerald Celente - Currency wars (check), Trade wars (check), WORLD WAR (next). September October will be very interesting times in a VERY bad way. As many aswell as I have been saying now for awhile.
http://finance.yahoo.com/
http://finance.yahoo.com/
Brent S
Top Poster
Pretty crappy couple of days. Kind of depressing to think of checking the 401 k on Monday.
Arcticdude
Top Poster
Is this the beginning of the end of our economy, or a great new buying opportunity for those who want to invest in the stock market? For me, when there's a big sell off like this, I buy more stocks at a "discounted" price. Personally I would like to see gold and silver keep dropping, for the same reason; but low and sell high. Except that I don't sell any of my G&S.
BiteMe707
Active Member
That's a good question Arcticdude. The stock market has been on shaky ground for awhile. But with all the other countries economies falling apart. And it coinciding with that. It sure doesn't look good.
Silent Earth
A True Doomsday Prepper
Brent S
Top Poster
I wouldn't buy in just now as I don't think we're at the bottom yet. I do think we will reach a plateau though before long. Either way, I can't touch my 401 for several more years so I'm not worried about this roller coaster ride. I do hope there's still some value left when I'm able to access it though! All these years my wife has collected jewelry. Nothing extravagant, but lots of rings and necklaces and such. I always thought her 'hobby' was a waste, but who knows, Her investments may turn out better than mine!
Silent Earth
A True Doomsday Prepper
what is a 401 K ?
Hippophibia
Member
Yip, agree. When China's markets first fell in July b +8.5%, I was awake pacing around most of the night, then did a few postings on various sites saying China is the spear or sickle that is going to pop all the bubbles, as the economies are far too intermixed - if one goes they all go.
Thursday I posted again that we are days away from an epic collapse. Friday night did not disappoint in a bad way. My take is that within 60 days all bank accounts across the world will be frozen, no liquidity, debt implosion, and no more faith in fiat currencies.. Something like what happened to Greece. Many very prominent economist are now predicting collapse worse than 1929/30 as well. Good luck with the preps.
Brief overview of world markets: http://money.cnn.com/data/world_markets/americas/
"Don;t worry about the world ending today as it is already tomorrow in Australia", I happen to be living in Australia - will give you a heads up when it goes.
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Hippophibia
Member
Y
Yeah, gold going up is the scary sign, every one was predicting down below $1,000 some down to $350.. Rater of Dow drop is very telling. Shanghai, despite hundreds of billions pumped into banks and markets, and trading restrictions on anyone owning more than 5% shares etc.. (you go to jail if you sell your shares if you are a major share holder in China) is falling like a stone and taking the world with it... Oil below <$40 a barrel is a surefire indication of broken beyond repair.
Maverick
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401k is a workplace savings plan that lets employees invest a portion of their paycheck before taxes are taken out. The savings can grow tax free until retirement, at which point withdrawals will be taxed as income.
Silent Earth
A True Doomsday Prepper
Cheers Mav.
My take on this differs from Hippo, I think if things go really bad the US / EU etc will repeat the Cyprus experiment, IE Close the banks for 7 days then raid every current, deposit and savings account with a "one" off tax of about 20%. that's why so many Europeans emptied their bank accounts a couple of years ago right after the EU stole millions of euros from Cyprus. it was an experiment to see if they could get away with it, and they DID so you can be sure they WILL do it again on a larger scale
My take on this differs from Hippo, I think if things go really bad the US / EU etc will repeat the Cyprus experiment, IE Close the banks for 7 days then raid every current, deposit and savings account with a "one" off tax of about 20%. that's why so many Europeans emptied their bank accounts a couple of years ago right after the EU stole millions of euros from Cyprus. it was an experiment to see if they could get away with it, and they DID so you can be sure they WILL do it again on a larger scale
Brent S
Top Poster
It's a retirement plan. Your company matches how much you save, and it goes into stock market mutual funds. You buy stocks with pre tax dollars, and the growth (hopefully it goes up) dosent get taxed until you start to take it out. The rub is, for the tax benefits, if you take it out before retirement age, they penalize you pretty harshly. I think the earliest you can withdraw it is 59 1/2 yrs old. The theory is when you retire you will be in a low tax bracket and will be taxed at a lower rate when withdrawing enough to live on each year. Either way, with your employer matching your amount you save, it's a pretty good deal. I just hope there is still value in the stock market when I can retire. I look at it this way; prepping is about covering as many bases as you can to ensure your ability to live comfortably down the road. This is just one of those preps.
They are all in denial at this point. People are holding their breath for a bounce this week. There very well might be a bounce, but I don't see ANY good economic news anywhere on the horizon that would shore up confidence.
But you NEVER KNOW what tomorrow might bring...
I told my sister last Wednesday that it was time to cash out any stocks immediately, so that tells you what I think about the matter.
But you NEVER KNOW what tomorrow might bring...
I told my sister last Wednesday that it was time to cash out any stocks immediately, so that tells you what I think about the matter.
DavyRocket
Active Member
They are all in denial at this point. People are holding their breath for a bounce this week. There very well might be a bounce, but I don't see ANY good economic news anywhere on the horizon that would shore up confidence.
But you NEVER KNOW what tomorrow might bring...
I told my sister last Wednesday that it was time to cash out any stocks immediately, so that tells you what I think about the matter.
I agree, we could very well see the banks close, NYSE could shut down also TOMORROW, or sometime this coming week. My advice get as much money out of your account NOW (before tomorrow MONDAY) using the atm, but leave just enough to keep the account open. I'll be keeping a very close eye on China our over night, their morning time.
Michael HM Murdock
Member
In ZA there are rumors of an economic collapse coming, maybe that's why Zuma was adding to 'security'.
Michael HM Murdock
Member
The news this morning, went down by I think 401 points or whatever, I'm not sure what they're called.
Gazrok
A True Doomsday Prepper
Well, could depend on the Fed and interest rates.
This China correction has been in the making for a long time, they are just finally getting called out on their BS. Nice thing about a state-run economy....you can fudge the numbers like nobody's business....but eventually, the world is going to notice, and this week...the world noticed.
