People close to retirement should have less than 30% of their money in stocks at all times. I'm not sure what it takes to have a recovery...unemployment is down, first time claims are way down, the housing market is far stronger than it has been, and the GDP is only down 1% last quarter, and will almost certainly be up in Q3...that's what a recovery is. I know many are depressed this has turned out to be "just another downturn", but facts are facts. Those who think this is "just a bounce" have missed 45% in growth since the bottom. I have little confidence of a long growth cycle, with the current environment of spend and tax and spend, but to dismiss a huge spurt seems odd. If you expect 10% a year, you've missed 4.5 years in the last few months. Precious metals follow inflation, and that's it. An ounce of gold bought a man's suit in the late 1800's, and it still does. There's no chance of winning unless you can time the market perfectly...the pros can't do that, so I have no illusions about doing so.