Silver, I think on the surface your initial analysis of the situation is correct, however there are a couple of variables in my case. Most of my SGR is in an employee retirement account(similar to 401k in the US). My advisor(I get no choice in that matter) had to be bullied by me for months, before I could finally convince her to exit mutual funds and go all cash. You should have heard her squeal when I mentioned gold stocks after the market started to recover. The cost of trading and the delays involved never seem to work in my favour, so I have chosen to think retirement and long term hold with my core position. The other problem I have is that I am a lousy analyst(call me nader junior). For this reason i appreciate posts from experienced traders such as yourself and I hope to one day get the confidence to take advantage of these uncertain times we currently must live under.