Who owns some Yen?

[smartinvestor30]

I sold all my other currencies yesterday (GBP, EUR) and now only hold Yen and HKD.

If you are interested in holding other currencies without the leverage of a forex account you can open a global trading account with e-trade. They charge you about 100pips over market to exchange (not bad).

You should consider getting out of the dollar and into a better currency while also buying up some hard assets such as gold and silver.




*Disclaimer

Making decisions yourself carries a high level of risk and may not be suitable for all investors. Before deciding to invest you should carefully consider your investment objectives, level of experience, and risk tolerance.

As always consult a financial adviser before making any changes to your contributions to a retirement account as it may have tax implications. If you wish to lose more of value of your 401k ask a financial adviser for details on how much longer to hold on before selling. Also ask your financial adviser to recommend a new fund, keeping in mind the best funds are always theirs.

:sheep:

[Bolimomo]

I sold all my other currencies yesterday (GBP, EUR) and now only hold Yen and HKD.


HKD is pegged to the US Dollar I believe. Why would I want to hold it in place of USD? Is the interest rate much higher than USD?

[smartinvestor30]

HKD is pegged to the US Dollar I believe. Why would I want to hold it in place of USD? Is the interest rate much higher than USD?

Yeah it is, I'll be selling it soon.

[XOM]

Any input on the British Pound? I have an interest in this since my mother receives a pension from the UK and has lost a sizable chunk every month since the drop from over $2.00

[smartinvestor30]

Any input on the British Pound? I have an interest in this since my mother receives a pension from the UK and has lost a sizable chunk every month since the drop from over $2.00

My input is to get out of it quick!!!!! Look at how it's crashed, it made a new low, look at your GBP/USD chart.

You can even go as far as saying stay out of worthless paper currency altogether and stay in hard assets. I think there will be a paradigm shift about this very thing if it hasn't already begun.

[XOM]

My input is to get out of it quick!!!!! Look at how it's crashed, it made a new low, look at your GBP/USD chart.

You can even go as far as saying stay out of worthless paper currency altogether and stay in hard assets. I think there will be a paradigm shift about this very thing if it hasn't already begun.

Yeah, I don't think the UK govt is going to offer her pension in gold or other currencies, so she can't get out of it at all. I was looking for more of technical analysis of a range to possibly expect in 2009.

[freakscene]

http://www.rgemonitor.com/index.php

Roubini agrees

run from the pound

not sure if you can read that unless youre a member.

[pedrom727]

If you're looking for a safe haven currency in case we see a hyperinflation or significant depreciation in the dollar I'd recommend the countries with the highest savings rates and most stable banking systems. Singapore Dollars & Swiss Francs are your best bet in that scenario, for the short term I'd still be short the euro vs the dollar (although it could definitely give back a little before going lower) and buy the yen against it (stronger yen also has a strong correlation with weaker stock markets).

[smartinvestor30]

If you're looking for a safe haven currency in case we see a hyperinflation or significant depreciation in the dollar I'd recommend the countries with the highest savings rates and most stable banking systems. Singapore Dollars & Swiss Francs are your best bet in that scenario, for the short term I'd still be short the euro vs the dollar (although it could definitely give back a little before going lower) and buy the yen against it (stronger yen also has a strong correlation with weaker stock markets).

I wouldn't, I'd be careful of Japan ready to devalue their currency. They're not going to let it run wild.

Stay out of paper currency, buy gold/silver, or in the short term GLD or SLV ETF's.

[Horace Kent]

While I agree with your theory. The Yen certainly is the beefcake amongst fiat currencies............you're buying pretty high.

Why not buy gold? Prolly get a better return on it.

See what gold is doing is Euros?

http://1.bp.blogspot.com/_eKH-tiSXFbc/SX15R8iGi1I/AAAAAAAAE8g/JvqJ4yjc_Zg/s1600-h/eurgold.gif

[pedrom727]

Shorting the EUR/YEN cross has been working well for me, had a very small position short USD/YEN to hedge myself but I covered it. Pretty odd to see the Yen dropping vs the dollar as we head to new lows on the indexes but I think we see it reverse soon enough and I see room for the Euro to go under 1.20.