Market collapse continues

...around the world, and I'm getting lots of questions about what's next. My opinion is that it's still too early to buy stocks. Unfortunately, it seems like there are no safe havens -- not even cash. I still like silver sitting around $11 an ounce as a relatively stable play. But it's too early to get aggressive; better to focus on capital preservation.

UPDATE: Lest you get the wrong impression, let me be clear that I have absolutely no idea what is going to happen in the future. I have some educated opinions about probabilities and that is all. At this point, the outlook just seems far to cloudy for me to be optimistic. And the probability of a "V"-shaped move right back up after this melt-down ends seems pretty low. Sure, it's very possible that the markets will be much higher three years from now than where they are today. But it could also get a lot worse before it gets better. The most likely medium-term scenario in my mind is continued decline, followed by the scenario of basically marching in place. I could very well be wrong and if your risk/reward evaluation differs, then fine -- thinking people often disagree. But if I were running your money I would not be a buyer here.