it's called gold...
Posted on 10/05/2009 5:21:30 PM PDT by Chickensoup
I called my brokerage accounts today, Fidelity and Scottrade and neither handles other currencies. How does one tranfer monies to other currencies. Is it only for the rich and super rich with off shore accounts? Can a little Jane do it too?
Are there any financial freepers who could weigh in?
it's called gold...
There are funds that invest in currencies. Don’t ask me which ones.
Besides Gold?
Stick to what you know and understand.
learn about FOREX
everbank.com
You can get worldcurrency CD and world currency index CDs.
http://www.ehow.com/how_2063477_invest-foreign-currencies.html
I’m guessing you’d go thru any brokerage firm that handles FOREX trading.
How much money are you talking about - and what currency are you looking for?
Indeed, I’d be curious, insofar as I can’t think of any currency I’d really want to hold as an alternative to the U.S. dollar in the event of a catastrophic collapse - the Yen, the Euro, the Pound - of the major currencies - are at least as vulnerable as the Dollar (the Euro possibly moreso). The minor stable currencies - the Canadian and Australian dollars, for example, would be adversely effected by anything that happened to the U.S. dollar.
I mean, if you really want Euros - and we’re talking in the thousands or so - I’d withdraw them in cash and put them in a safety deposit box or a safe somewhere. But if you really want hard currency to hedge against the Dollar, I’d say go Gold.
I like the Global Power Shift index with 25% weighting ofr Aussie Dollar, Norweg Krone, Brazilian Real and Canadian Dollar.
They all have energy and other resources.
If I understand your question, you should be able to go to any large bank and buy any currency that you want.
Not sure about the limits on each exchange amount nor if you tried to physically take those currencies out of or into another country. I think there is a $10k limit when traveling.
Though, I’d add - that if you’re worried about inflation or currency risk, your better bet would be to hold blue-chip stocks. Look to Zimbabwe for an example of how this works - if inflation runs away, it’ll drive the market up. Sure, your money will all be held in inflated dollars, but it’ll keep inflating all the way up, especially if you hold the right sort of stocks. I’d say, for this sort of scenario - food producers would be a good place to start. Off the top of my head, I’d say that, at this point in time, there will be a Coca-Cola for at least as long as there’s an America.
I am not sure how to go. I just want to know how to do my options. I am not sure i can hold gold. And I look at silver that looks more do-able and negotible, but I dont know where to keep it. I have a bank safety deposit box but if banks close I am not sure what would happen to the contents if I kept precious metals there.
But these are investment funds that use and pay out in dollars. At least this is my understanding
It’s easy to deal in currencies in the futures market.
Good luck.
Learn about ETF’s- I intend to
but this is currency trading, I was talking about currencies to hold
do you mean electronic transers?
Where will you learn this?
At the same time he doesn't think China would want to participate because they would take a big hit for owning so much of our debt. On the other hand China would love to knock us out of the number one slot when we are currently weak and wavering.
The question is what currency would you or should you think of putting some of your dollars in? When the next wave of "All Hell Breaks Loose", what countries will be left standing untouched? I would think every body's economies are affected off of each other, so I really don't know if there is a safe haven.
Yupper... it gold alright. My first choice... good flat rich black dirt laying over a recharged aquifer. But what do I know.
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