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Opinions on a Safe Haven Currency other than US Dollar

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  • Mon, Dec 28, 2009 - 06:42pm

    #1
    Mom-2-3-kids

    Mom-2-3-kids

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    Opinions on a Safe Haven Currency other than US Dollar

I apologize if this has been asked before, but I thought I start a post on this subject to get opinions/ thoughts on this topic…

I am in the process od cashing out the “lovely” IRA and need some alternatives to the dollar.

Any suggestions out there on other currencies to invest, rather than the US dollar?

Is the Yuan even available to purchase.  I thought I read that it isn’t, but just want to make sure. I would like to get some.

Australia is the country that owns the least amount of US debt.  Would they be a contender? 

Thoughts on Renminbi/Yuan?  How can I get my hands on it?  This is all my bank has to offer.

EUR (Euro)

 
GBP (British Pound)
CAD (Canadian Dollar)  
CHF (Swiss Franc)  
JPY (Japanese Yen)  
MXN (Mexican Peso)  
AUD (Australian Dollar)  
NZD (New Zealand Dollar)  
DKK (Danish Kroner)  
NOK (Norwegian Kroner)  

SEK (Swedish Krona)

Opinions/suggestions greatly appreciated…

Thanks!

  • Mon, Dec 28, 2009 - 08:23pm

    #2
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

I believe that the Renminbi will eventually decouple from the USD.  Before my friends go to China they exchange their dollars at Cathay Bank.  They give them the USD’s and come back the next day for their Yuans.

  • Mon, Dec 28, 2009 - 09:36pm

    #3
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

Mom2…,

I think there is no easy answer to your question. Personally, if your asking me for a “safe-haven” right now, the USD looks like the best bet in the short-term, from a technical perspective of the currency markets. Eventually, the current rally in the dollar will run its course, and it will be time to move out of the dollar into a commodity-based currency like CAD or AUD.

I’m sure many here will tell you to buy gold and silver bullion and just sit back and relax, but I think the days of buying and holding any asset are over.

Disclosure: I have a significant allocation of my capital sitting in cash (USD) right now. 

(Edit: I know I didn’t really answer your question, but I wouldn’t touch any other currency than the USD with a ten-foot pole right now)

 

  • Tue, Dec 29, 2009 - 12:37am

    #4
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

All currencies, save for one, are Fiat, backed by nothing and at the mercy of the CBs.

Gold is one currency that isn’t Fiat.

You can hedge your bets and go for currencies tied to resource rich countries – or you can go for the gold. IMHO: Smart move on ditching the IRA.

 

  • Tue, Dec 29, 2009 - 01:10am

    #5
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

 

 In case you missed it Dr. Martenson issued yesterday a new Martenson Insider on this very topic : https://www.peakprosperity.com/martensoninsider/which-currencies-reader-question

Also from a previous Martenson Report https://www.peakprosperity.com/martensonreport/no-exit-the-coming-wealth-trap :

Large portions of wealth, jammed up at the doorways, will be lost entirely.  Other wealth will squeak out of the doorway and be late to the party.  Only the early money will have any realistic chance of being preserved.

Here I will argue that the traditional sources of wealth – those immediately recognizable to your great-grandfather as items useful to humans – will be the areas that will gain the most.  Good land, trees, water, food, minerals, and energy are all items that fit into this view.

The answer to your question depends on your situation. Is all your debt paid off?  Do you have any PM’s? Solar panels for your roof? If yes, then IMHO you can’t do any better than farmland, but that’s just me.

  • Sat, Jan 02, 2010 - 09:12am

    #6
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

How about Hong Kong dollars?

That’s where I am holding some significant assets.

You may say that: “Oh, the HK$ is linked to the US$, so what’s the point?”

Since HK is part of China, there is a point.  If the US$ really crashes, they would change the peg. And a link to the Rmb, or even to gold seems possible.

  • Sun, Jan 03, 2010 - 07:15pm

    #7
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

AUD and CAD govenments are rich in natural resources and less debt.  The EU is a mess.  Italy, Greece, UK, Spain are all over their heads in debt.  Euro may not even be around when more stable countries don’t want to pay for the less responsible ones.  I would probably pick CAD since thats where i’d go if TSHTF.

I’m big on gold and silver.  Silver currently undervalued, many industrial uses.  Junk silver great for bartering, gold for a store wealth.  If we don’t have complete collapse, precious metals will skyrocket, if we do good to have supplies to barter.

  • Sun, Jan 03, 2010 - 07:28pm

    #8
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

[quote=kencolorado]

I’m big on gold and silver.  Silver currently undervalued, many industrial uses.  Junk silver great for bartering, gold for a store wealth.  If we don’t have complete collapse, precious metals will skyrocket, if we do good to have supplies to barter.

[/quote]

Hi kencolorado,

Welcome to the site.  Any ideas as to how you’ll deal with the issue of nationalization of PMs?  Also, how would you propose to cross the Canadian border with your PMs if TSHTF?  

  • Tue, Jan 05, 2010 - 08:31pm

    #9
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

AO,

thanks, I’m glad to be on board.

Both are ?’s I’ve been struggling with.  Gold is my big worry about confiscation.  I am looking at having an account in canada. Possibly thru  Kitco, in addition to what I hold.  At least 1/2 of what I hold will be in Maples.    I’m 40% silver. I really see a big upside to silver.  IIt’s really undervalued and if the manipulation keeping down ever stops it’ll skyrocket.  It’s also rarer than gold and is being used up in indutrial uses. f I was going to leave and had time I’d sell my silver for Maples.

 

  • Wed, Jan 06, 2010 - 01:59am

    #10
    Peak Prosperity Admin

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    Re: Opinions on a Safe Haven Currency other than US Dollar

kcol,

I’ve thought of opening an offshore account (Switzerland and Canada) but the problem is, any kind of offshore financial activity is increasingly attracting IRS and other government agency attention like honey attracts bees, courtesy of Senator Carl Levin and others of his ilk.  Be careful because it draws a big target on your back, especially if you get up in the 7 figure range.  Also, if you hold your gold in Canada, I’d probably put all of it in maple leaves since Canada imposes a goods and services tax (GST) on any gold that is less than 99.5% purity (meaning maple leaves, philharmonics, and buffaloes would be exempt while eagles and krugerrands would be liable).  Canadian provincial sales taxes (PST) or a combined harmonized sales tax (HST) may be levied on the less pure coins as well.  That’s one of the reasons I have maple leaves in my portfolio.  The Canuckistanians can be touchy about things like that. 

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