Observation from the frontlines
posted on
Nov 09, 2008 02:34PM
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I don't post alot on the hub, but I read it all the times. I am in the financial industry and speak directly to investors, very wealthy investors everyday. Right know most (except for active traders) investors are doing nothing. Many sold during the down draft and those that didn't are staying put. About 8 times out of 10 when I ask a client if he wants to review, allocate or change there account the answer is "I am staying put or in cash and doing nothing".
Another observation is during the height of the panic and it was pure panic, I never have seen anything like it, (I was working at this job during LTCM, NASD bubble, Y2K, 911), and this is worse than those market problems way worse, people were moving to treasuries not to gold. They still feel that government treasuries, not gold, are the safest place for there money.
One aside that is hopeful, my firm has restricted investors to buying just 10 Gold eagles at a time per trade. It seems the small percentage of people who did buy gold bought big, cleaned us out.
I am with everyone on this forum that long term golld, silver, gold shares are the place to be, but from my observation from the front lines we have a ways to go before the general public buys in to the gold concept. A steady buying plan, long term view, and patience is needed if you are going to hang with the big boys.