what to do if you have only cash?
noodle: put it into a high yield FDIC online savings account (i use HSBC direct).  your money won't disappear if the bank is FDIC insured (unless you have more than $100k in a single account, in which case, spread it out across banks until its less than $100k)save until you have 4-6 months of living expenses tucked away.  you don't want to be caught with your pants down in this economic environment.after that, you can worry about investing money.  i'd suggest starting a retirement account, either 401k or roth (probably roth from the sounds of your situation).regularly and unwaiveringly put money into it every month (even if its just a little -- the important part is that you're doing it and growing it).  invest your retirement savings into a solid, diverse handful of index funds.index funds are key, because the cost is minimal.  invest and forget it.  retirement is long-term.  even after this bad downturn, the market will go back up.  i haven't touched anything in my retirement account.  you don't want to be the idiot who sold on the bottom and later has to buy again when the price is back up.after that is all taken care of, then you can buy some gold, or stock up on roombas and iphones if you have cash to spare.  the important thing is to take care of what needs to be taken care of.  save for an emergency, and prepare at least a bit for retirement.edit: just noticed you're from germany, not the US.  my bad.  i'm not sure how FDIC would apply to you or if there are any similar institutions in european banks.  might want to check into that.