The long bond repurchases are complete, and there is not much cash left for agencies and mortgage-backed purchase programs.

A skillful veteran letter is sanguine about stocks -- but positively gleeful about gold and other hard assets.

The easy money already has been made. Anyone who is only now considering an investment back into the stock market is late to the game. Smart money investors wait for Johnny-come-lately's to enter the market again, and then they sell into those weak hands.

Inflation is coming, so it's time to buy gold and short Treasuries.

Specialized exchange-traded funds to guard portfolios against inflation are capturing attention in light of massive government spending to combat the economic recession and the prospect of a weaker U.S dollar.