You seem to know what you’re about in terms of currency exchange and playing the field - a lot more than I do anyway.
I’ve been thinking about investing in some foreign currency and probably would if I had a clue. Particularly in the Israeli Shekel. How’s that for crazy? I’m already invested in an Israeli Oil company... the only one that hasn’t found more than a half pint of oil yet.
Last I knew my $1K worth of stock was good for about $300.
Now anyone with nugget of financial sense would consider that a “loss”; I look at it as a sacrificial offering... but it’s about on par for whatever I do in terms of “investment”.
Any advice for how a “little guy” might go about dabbling in currency exchanges? It worked so well for Soros....
I don’t do gold; back when it was about $367 an oz. our financial advisor told us, when I suggested laying some in; “NAAAH!; You don’t want GOOOLD!”
My Wife glared at me for even suggesting such a stupid idea and confirmed his advice. We got a nice mutual fund in stead.
A couple of years ago I bought a little silver just so I could say I did... recently silver sank back to about where it was then, and I’m tempted to invest in some more. It can’t hardly become worthless, can it?
Tried to order some on line but it won’t take; will try calling their land line tomorrow. With my luck, by then it will be back up around $67.
Were I contemplating escaping to another country when (or better yet before; “when” will probably be too late) the regime comes after the Christians, TEApers and Jews, I might lay up as much of the intended haven’s currency as I could smuggle out (by then the borders WILL be sealed, with the barbed wire pointing IN) and would have stashed some with a trusted colleague over there. Then when I arrived I’d find out if he was really trustworthy!
Would you open an account in a country of potential refuge to hold an escape stash in the local currency for you?
Is there any place where funds can be stowed where the regime can’t seize them without overthrowing that country?
Will I get arrested, looted and tortured just for asking?
That’s why I’m thinking Israel; if Israel goes down, Human civilization goes down with it, and money will probably do us little good at that point.
Regarding Israel, I'm somewhat surprised that there has been no further effort that I'm aware, to further capitalize upon evangelical sentiment to enhance capital inflows. I'll leave it at that. I'm pro-Israel myself but would worry about falling in love with such an investment. That is not a wise thing to do in terms of purely financial thinking.
If you want to look at a very simple way of following currencies and then getting into it with low cost of entry, flexibility and minimal risk, I'll mention the name of the institution with which I've done this. Everbank. I am not affiliated in any way other than having a CD or two there.
My rule of thumb has been not to “buy” unless the dollar is strong, and not to “sell” until the foreign currency I've gone into appears to be reaching a 52 week high versus the dollar, always “repatriating” to dollars in between.
I made one exception and went from Swiss Franc which had skyrocketed, into Euros which the Swiss had more or less agreed to backstop. It looked as close to a sure thing as you'd likely ever encounter, and as it turned out it was. Could’ve been dumb luck too, lol.
With that one exception, this was all done via opening and closing short-term CD accounts, moving out of a strong dollar into a major currency at a low, then back again when rates “normalized.” FDIC backing for those CD programs, too.
Judge wrongly and you'll lose principal, though. It hasn't happened to me yet but I'm very aware that it can and probably will at some point.