Which foreign currency should I save?

[mello]

I just watched the Peter Schiff interview on Russia Today & I was thinking about
converting the money in my savings account into a foreign currency before the U.S.
dollar goes down the toilet. Any thoughts about which currency would keep it's value the
best? I'm leaning to the Japanese Yen over the Euro.

Also, here's the link for that interview if you haven't seen it yet:
http://www.youtube.com/watch?v=djgH9wA-JSU

[eric_cartman]

i think the singapore dollar could be good. but it's a small country, so don't put a ton of money into singapore, but it certainly would be a good one to hold along with a few others

[gls]

I've heard that the Swiss franc is a relatively stable currency. My personal preference is to bypass FIAT altogether and put it in gold. That's what the rich are doing.

January 09 2009 - Merill Lynch says rich turning to gold bars for safety (http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4177766/Merrill-Lynch-says-rich-turning-to-gold-bars-for-safety.html)

[raystone]

If you like Jim Rogers at all, he's been consistently saying Chinese Renminbi

[mello]

If you like Jim Rogers at all, he's been consistently saying Chinese Renminbi

Isn't the Chinese currency called the Yuan?

[mello]

I've heard that the Swiss franc is a relatively stable currency. My personal preference is to bypass FIAT altogether and put it in gold. That's what the rich are doing.

January 09 2009 - Merill Lynch says rich turning to gold bars for safety (http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4177766/Merrill-Lynch-says-rich-turning-to-gold-bars-for-safety.html)

I'm a little weirded out by the idea of ordering thousands of dollars worth of gold coins off
a website. I honestly don't have a clue about which gold coin websites are trustworthy.

[Arklatex]

I bought some francs and watched them loss 20% of their value to the USD.

Like the above poster says, bypass the fiats and get real money - gold and silver bullion.

If you're looking to make an investment buy GDX - miners etf

[gls]

I'm a little weirded out by the idea of ordering thousands of dollars worth of gold coins off
a website. I honestly don't have a clue about which gold coin websites are trustworthy.

I have ordered several times without a problem from www.apmex.com - I'm sure many here can vouch for them as well.

You can also do a google search for local coin shops if you prefer cash and carry. However, the premiums and availability may leave a lot to be desired, depending on your area and/or the particular storefront.

[dsentell]

bypass the fiats and get real money - gold and silver bullion.



That is my thought. In a SHTF scenario, I am not sure how helpful a handful of Singapore, Chinese or any other currency may be. I would prefer a handful of gold or silver any day.

There are many threads about the purchase of gold and silver on this site. Personally, I have purchased from www.apmex.com for many years. Though be aware, that right now there simply is not much silver or gold out there to be purchased . . .

[mello]

I have ordered several times without a problem from www.apmex.com - I'm sure many here can vouch for them as well.

You can also do a google search for local coin shops if you prefer cash and carry. However, the premiums and availability may leave a lot to be desired, depending on your area and/or the particular storefront.

I just checked out the website. They list 2009 1oz. Gold Eagles for $915. I have enough
cash in my savings account to buy 3 coins.

[dannno]

Swiss Francs.

[socialize_me]

I would stick with the Asian currencies, particularly the Chinese Yuan (renminbi) or the Japanese Yen. If China is going to lead the world out of this global depression, you'll want to be in that region. I've never heard nor seen of a country become an or the economic superpower with a weak currency.

The Swiss Franc used to be a solid currency, but considering the Swiss are just as inflationary as many other central banks, I'd stick with the Asian markets or the precious metals. Japan appears to be refusing to lower their interest rates---a lesson learned from the 1990's perhaps?? This will mean the Yen will be one of the great currencies plowing ahead over the next decade or so, depending on whether or not the Japanese Central Bank continues to refuse further inflation.

[Call Me V]

Screw fiat currency.

Go with gold and silver.

[mello]

Quick question about Ampex. Why do they gouge you if you try to buy with a credit card?

Personal Check $19.95 10 Banking Days
Money Order $19.95 1-5 Banking Days
Bank\Cashiers Check $19.95 1-5 Banking Days
Credit Card $48.77 2-5 Banking Days

[mello]

Screw fiat currency.

Go with gold and silver.

Another quick question:

Are there any foreign currencies that are backed by gold or silver?

[steph3n]

Another quick question:

Are there any foreign currencies that are backed by gold or silver?

not if they are WTO member.

[Anti Federalist]

Another quick question:

Are there any foreign currencies that are backed by gold or silver?

Based on quick memory search, I recall the Euro being 25% backed.

I could be wrong though.

Not many, if any at all, in any case.

[misterx]

Don't put all your money in one currency, we can only guess at what countries will make it through the storm. I like the Yen, Yuan, and Swiss Franc, in that order, among others. Also, I like platinum better than gold.

[Bodhi]

Isn't the Chinese currency called the Yuan?

It is called both, in mainland China when you buy something they will tell you the price in yuan. You can think of it like yuan means dollars and Renminbi means money. If I remember correctly Renminbi means something like "the people's money". I think the yuan is still undervalued, but since China owns a lot of are debt they might not play nice and keep the value low.

[slacker921]

yen (you can buy via online brokerages like eTrade or go to your local airport and convert if you want to hold the paper currency in hand)

for gold:
physical gold (bullion direct is a good source, or even better a local dealer who has been around a while and has good prices). If you want to buy-sell-buy-sell then look into the nucleo exchange on bullion direct, or take the risk with eBay.

for daily/weekly trading as spot goes up and down: GDX, GLD

don't put all eggs in one basket.
don't buy all at once (things go up and down).
start reading the forums at kitco.com...

[powerofreason]

Buy silver rounds or bars, or some south african krougarans.

[qh4dotcom]

Bump

[UtahApocalypse]

Get Zimbabwe currancy. It is worth more in collectors value then its actual value. I mean you could get a 100,000,000 bill for like $35

[DFF]

Zimbabwe Reserve Notes? Those would make for a hilarious framed picture. lol

[UtahApocalypse]

Yep....

http://growabrain.typepad.com/photos/uncategorized/2008/08/06/zimbabwe_dollars.jpg