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Should a person pull out of the market on Thurs? I am nervous about the fact everyone is saying depression, economy will crumble. I am diversfied and do not hold Financial Stock. I was thinking of cashing out and put everyhing in gold.
Just would appreciate opinions. Stock broker says keep it in but he just wants his fees.
I am 60 and have no retirement plan other than what I have in stocks. Sorry to be so dumb on a board filled with experts.
Should a person pull out of the market on Thurs? I am nervous about the fact everyone is saying depression, economy will crumble. I am diversfied and do not hold Financial Stock. I was thinking of cashing out and put everyhing in gold.
Just would appreciate opinions. Stock broker says keep it in but he just wants his fees.
I am 60 and have no retirement plan other than what I have in stocks. Sorry to be so dumb on a board filled with experts.
You really need to speak to a financial advisor soon. If you are 60 and have nothing else other than stocks, you're taking a big risk. You should be completely diversified (cash, bonds, stock, etc.)
Many of the big banks, (hint a really big one - the biggest) have Premier Client Managers that help you assess your cash position and measure that against the amount of risk you are willing to take. You and the CM can then decide what portion to invest and what portion to leave cash. The reason I tell you to go with a major bank is because they will not charge you a fee, but they will ask to manage your investments and hold your deposits.
I second what the person above me said. Unloading your stocks to buy Gold sounds like a horrific idea. Gold is just as or more volatile as stocks. You need to talk with someone and find a risk level you are comfortable with. At your age stocks should not make up the minority of your portfolio, not the majority and surely not 100%.
Hey GoreeGal, not all of us are experts, if we were we would know what to do! The above poster is right: gold is volatile. Anything linked to the economy is volatile. At thi moment in time, its best to buy and sell items, even with a collection of small profit, bank it and watch your bank, see a little interest. Like they say: Every little helps.
Last edited by Movie Lover; 09-25-2008 at 02:12 AM..
Reason: Added more.
Now, more than ever is the time to buy quality. Good companies remain good companies and their equities actually become better values in markets like this. I remain 40% invested in stocks and have picked a couple of very good names last week at bargain prices. If these companies go to worthless, we will have a lot more to worry about than the stock price. I remain cautiously optimistic over medium and long term. We have a great country and the common man in this country remains the best in the world. Washington, on the other hand is devoid of leadership. The real america will prevail.
Most people, by age 60, already have a significant percentage invested in bonds. If you're going to need that money anytime within the next few years, you're taking a risk by being all in stocks (as someone else pointed out). Your broker, if he's advising you, should know that.
No, don't ditch all your stocks for gold. There's nothing wrong with adding a little gold to your portfolio as somewhat of a hedge, though.
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