Get all cash out of the bank

[TheHeathens]

Fascinating debate. Thanks TheHeathens for your perserverance with an informed viewpoint...I'm kinda glad my pension fund (pathetic though it is) is managed by sele**ia.

Interesting point about Prechter, Bladerunner. I wikied him and found:

While Prechter has his admirers, he has been criticised by media and pundits. For example, the Wall Street Journal ran a page one article in August 1993 with the headline, "Robert Prechter sees his 3600 on the Dow--But 6 years late," in reference to Prechter's 1987 forecast for the Dow Jones Industrial Average.[15] Technical analyst David Aronson wrote:

The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong.[16]

Recently, Prechter has missed the latest portions of the rally in gold and oil. In July 2006 he asserted that gold had reached its peak and that oil, then around $70 bbl, also had peaked in price. His analysis was clearly flawed, as oil in late May 2008 reached $135 bbl and gold was at $925/ounce. [17]

So maybe we don't have to cack too hard?? Whats your view Heathens?

Ha ha, I'm not getting involved in this one - I've got too much work to do today! I'll give you a few of my predictions over the next 12-18 months though:

Oil : Will stabilise at roughly the price it is now; the demand will drop due to world recession, and OPEC won't (can't??) increase output.

Gold : Will rise over the next 12-18 months. Adjusting for inflation, the last peak in 1980 is worth about $2220 / oz. We're currently just under $1000 / oz. Plus, we have diminishing output, extra demand from india and China, a weak dollar, and struggling financial markets.

Good choice in pension provider by the way! They often look more expensive than other providers because they disclose more fees than most others, but they're one of the cheapest in the market.