Dow at 10,000, Dollar new low, turning point?, page 1

For those of you who don't know the Dow closed at the 10,000 mark today which I think is very significant for various reasons. money.cnn.com...

My number one reason is I predicted once the Dow broke 10,000 the dollar would break the Dollar to Euro 1.49 trading point (which it did). Recently the dollar has not hit this low it has been flirting with it for a while but didn't hit it until now (it's been around 14 months). The reason I think this is significant is because I believe this is a turning point within the stock market, from the deflation misguided belief to inflation. Of course we could see the Dollar hit the 1.50 Euro trading range and the Dow at 10,200, but the point is the tides are going to turn. The dollar will hit new lows and the market will soon realize this and decline.

Dollar new Low:
www.dailyfx.com...

www.google.com...

We just found out yesterday that the dollar is gradually losing its reserve status, to the by Euro and the Yen. I think we're going to see the dollar start to lose major ground here. I don't have anything to base this on other than Gold is reaching new highs, the dollar new lows, huge deficits, and of course the misguided stock market reaching 10k, which I'm guessing is going to be the high of this recession/depression.

I might just be jumping at shadows here, but I think this is a very significant day.

Alright well your going to be believing pretty soon then. I'd say it could range from a month out to a year. If you read my post you will see why it is of concern... the fact the dollar has made new lows, and will probably continue making new lows.

Let me ask you a question, is there any reason for people to have faith in the American Dollar or our financial system anymore?

We run up massive deficits with no intent to pay our loans back. Our Central Bank has a reckless policy that includes keeping interest rates super low (and has for more than 25 years), we like to bail out poor performing companies like, Freddie and Fannie, AIG, GM, etc.

I'm not really a doom & gloomer, but I know this is going to happen, and what I see points to it. Peter Schiff Explains this quite well.

reply to post by asmall89

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Financial advice needed.....

IF interest rates go thru the roof, do you want to be in cash in the bank or
be out of debt (payoff mortgage)?

I'm guessing out of debt because the economy will tank.

Thanks

reply to post by Pinktip

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Well you probably want to do both but I shouldn't be offering financial advice because I'm no expert so take it for what its worth I suppose.

If the Fed hikes interest rates and you have money in the bank you'll be making quite a bit of interest off your money (depends how much). But you also have to consider if there will be a run on your bank which might make it go broke, you could lose everything. Also if inflation takes over your money will be worth squat.

However, I doubt the fed will raise interest rates, it's probably a 50/50 chance. The best thing one can do to protect their money against inflation is buy any commodity (Silver is probably best right now) you can do this in bullion, coins, or whatever. Make sure you receive it physically though! You can also purchase other currencies like the Yen, Euro, New Zealand Dollar etc.

Remember your dollars aren't going to be worth any more outside the bank than inside, unless the bank fails.

If you still have your mortgage with quite a bit of debt on it, it would probably be wise to start paying more off, if you can that is. Don't sacrifice food or gas money, education, or anything like that. In any situation the less debt you have the better, especially when interest rates go up, if they do that is.

Peter Schiff offers good advice and he understands this more than I do so I'd listen to him.

Personally, if I had say 5000 bucks to spare in the bank, I'd probably take half and buy a mixture of silver, Yens, & Euros, just in case. Don't panic though, I think we'll get through this alright, the world wont end just because the dollar collapses.

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