IGNORE pundits who attempt to predict gyrating markets. Some, such as The Guardian's economics writer, are claiming that the plunge could be a signal for another 1929-type Great Crash; others on CNBC and Bloomberg TV are telling readers to buy.

Forecasts are being met with acute scepticism - hardly surprising while markets from Asia to Europe, US and Latin America seesaw. The bottom line is that virtually everyone in banks, broking houses, asset managers, TV channels, newspapers and newsletters have failed to forecast the timing of the global market tumble. Yes, there have been warnings, but most of the "permabears" and other pessimists who have been traipsing around the studios have been sounding the bell of doom for many months, if not several years. During that time stock markets climbed to new heights and, following the slide and bounce, prices are generally back to levels when the Cassandras originally opined that there were dark clouds overhead. The "permabulls" in contrast were looking to the sky and while some are belatedly issuing warnings, others continue to talk their book and are encouraging young and old to buy shares which cannot be valued during times of financial stress.

So what does the average person do? Those fortunate to have financial assets other than homes (which are for living), and state and corporate pensions, have an acute dilemma. They have to make their own judgements or go by the judgments of advisers - which are guesses in the present circumstances. Where is a safe place for their hard-earned savings?