Everybody is going to take in in the shorts. I've held off on buying gold because I thought it overvalued. But, it appears that even at $1,700. an once, it is a deal. Especially, with the industrial nations starting to devalue their currencies to match their gold on hand.
Mega-banks will take the biggest hit and smaller community banks will be the last ones standing because of their conservative lending practices. Home values will take a huge hit as well as other assets. No one will be immune. But, I don't see where we have a choice. This country has lived on phoney money since the 70's and it looks like we will soon be paying the piper.
We have allowed Wall St to write the laws, create monetary policy, let their Lobbyist have their way and let the major players walk with trillions. That's what we get for electing politicians that have thier priorities as taking care of Special Interest over the welfare of the people. Blame both political parties as they are both equally at fault! From Nixon taking us off of gold, to Reagan's "deficts don't matter", to Bush's massive war spending and Medicare Plan B to Obama Socialist agenda. The fact that they were allowed to borrow and spend money we didn't have, then print more is why we have what we have today.
In one of George Carlins last standup routines before his death he said, "the club will be coming after your Social Security next"! Maybe George wasn't trying to be funny.