How to save in other currencies?

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Fri, May 16, 2008 - 11:37am
#1
transient1000's picture
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How to save in other currencies?

I've been worried about hyperinflation since 2004.  I've been looking for a way to convert my savings into another, more stable currency while I wait for one of the following to happen:

1. The destruction of the USD.

2. The recovery or stabilization of the USD.

3. The time at which I would convert back to USD and immediately spend it on a major purchase like a house.

I've been looking for a way to open an interest bearing money market account in either Euros of the Canadian dollar that meats the following conditions:

1. Low to no fees for the exhange.  I.e., an exchange rate equal to the market rate rather than one with a "cut" to the banks.

2. Insured deposits or a good history of "low risk" similar to AAA investment ratings.

3. An interest rate at least close to the rate of inflation in the account's currency.  After all, other fiat currencies inflate as well.  I'm only looking to perserve wealth.  I'm not looking for growth/risk.

4. Liquidity.  I'd like to be able to convert my savings back to USD quickly.

I've looked all over the Internet, but haven't found any way a U.S. citizen can open a foriegn bank account and exchange currencies.  It seems that the banking system and/or US federal govenment is trying to prevent U.S. citizens from doing just this, but I haven't found any law saying that we aren't allowed to do that.

If anyone knows of a way for a U.S. citizen to open a European or Canadian bank account like described above, please post instructions/urls.

Sun, Jun 22, 2008 - 7:03pm
#2
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destruction of the USD
transient1000: All other currencies have been more or less inflating along with the dollar. There is no other currency to go to, since the dollar is the "foundation" for them! You need to understand this. The only safe place to weather the coming storm and preserve wealth is with gold and silver. The good news is that as a U.S. citizen you are still allowed to exchange federal reserve notes for gold and silver bullion. But you'd better do it sooner rather than later.
Wed, Oct 15, 2008 - 2:02pm
#3
ds's picture
ds
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Re: How to save in other currencies?

My thoughts:

  • currency ETFs
  • EverBank
  • maybe a little gold (maybe not)

Some currency ETFs include:

MERKX Hard Currency Fund
Rydex CurrencyShares.
FDPIX Falling U.S. Dollar ProFunds

Regarding gold and silver:

I think some people are way too pessimistic on this site. Yes, we will have a severe recession or a depression. We have deflation that could turn into hyperinflation. But my bet is that the outcome will be no worse than what Roubini (Dr. Doom) predicts, and as gloomy as he is, his worst case scenario is a walk in the park compared to some of the fears parading around here. I am not going to buy gold in a panic. I'll do without gold unless gold prices come down. I'm confident I'll be fine without any gold or silver.

Never, ever make important investment decisions when you are feeling fear or panic. Don't take the advice of anyone who makes you feel fearful or encourages you to act in a panic.

The downfall of the US will take hundreds of years (assuming we don't turn things around before its too late). The transitions will take a long time.

Thu, Aug 4, 2011 - 6:55am
#4
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gold and silver

Im on the same situation in which I really find it difficult to choose but I know a choice has to be made. Is loading up on silver and gold a good investment idea?

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