Hold on to gold, we're going into QE3 pretty soon since Obama has said that interest rates will stay at current rates until 2013, which means straight to the printing press for the money supply. That means precious metals will gain again.

And by the way, the Europe situation has only started, expect it to get much worse.

http://www.forbes.com/sites/steveschaefer/2011/11/02/fed-tilts-against-qe3-says-growth-firmed-up-in-third-quarter/