Buying US dollar & the most efficient way (Or the Euro)

Discussion in 'Currencies' started by keggahz, Feb 4, 2011.

  1. keggahz

    keggahz New Member

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    Hi everyone

    I'm only new to all this, currently 19 and only just started studying Business/Law & so I'm just delving into this

    I have a bit of cash saved up (not in the bank) and was asking for your thoughts on whether I should buy US dollar/Euro dollar & the most efficient way to do this

    A friend simply went to exchange money a few years back when the Aussie dollar dropped to 65 cents and made a whopping fortune as he bought it at around 93 cents

    I'm sure this isn't the most efficient way as he had to pay transfer fees etc. but he had cash & didn't want to declare it

    Any help would be greatly appreciated!
     
  2. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    Buy gold.

    Same exchange rate hedge, zero inflation risk.
     
  3. goldpelican

    goldpelican Administrator Staff Member

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    Currency speculation = gambling. Better off going to Star City and putting it all on black.
     
  4. ilikecoins

    ilikecoins Active Member Silver Stacker

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    or Silver :)

    US dollar will be dead, but I reckon EURO will be dead first.

    As long as US is still printing money from thin air... don't bother investing in US dollar.
     
  5. Slam

    Slam Well-Known Member Silver Stacker

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    Your asking the wrong bunch of people, most of the people here are pro-metal.

    To be honest, you want to make a speculative play on the currency exchange rates.

    That exposure can be had buying either or both gold/silver. You buy in todays prices, if the AUD goes back down you make that difference. But you also have the hedge against inflation.

    You can buy gold/silver over the counter if its under 5k cash without being ID'ed at various vendors.

    Good luck, do your research. My opinion, I wouldn't want to go into any fiat currency. I'm currently 1 way traffic, its out of paper dollars and into hard assets.

    Slam
     
  6. Guest

    Guest Guest

    Agreed. We're a stackers forum for a reason - strong precious metals investment ideology around these parts. I wouldn't assume because the Aussie dollar tanked previously against the USD it's going to happen again.

    It's not because the Aud itself is free of risk in as much as the US and Euro spiralling down out of control.
     
  7. keggahz

    keggahz New Member

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    Ok great thanks for all of your knowledge!

    I've been stacking silver for a while mainly due to reading what you guys write on this sight & have been very happy with it's recent rise so thanks guys for your insights

    If there's any one in Sydney looking to offload silver bars/ & gold in around a months time please PM me


    Thanks again, really appreciate it!
     
  8. errol43

    errol43 New Member Silver Stacker

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    I was in town stocking up on my silver when John (my supplier) jokingly asked if I wanted to buy US dollars. He had 54 US dollars for $50 AU. I thought he was joking as I thought he must be loosing at that rate.\

    I don't take much of an interest in fiat currencies except in silver values. The way I figure it at present rates of exchange if I had 50US$ I should get around $51 AU. Is that right ?

    I wasn't interested anyway as I only trade in silver
    for fiat. He only had 50 any how.

    Regards Errol43
     
  9. goldpelican

    goldpelican Administrator Staff Member

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    I reckon only buy foreign fiat if you're travelling there.
     
  10. Nugget

    Nugget Well-Known Member Silver Stacker

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    +1


    Currency speculation is best left to the big boys (IMHO)
     

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