Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Wed Oct 27, 2004 7:20 am Post subject: Investing in Euros??...
How does one go about switching there dollar savings into euros?? I live in LA and my family wants to switch our savings over to dollars, its quite a bit of money in the many thousands, how could we go about switching our savings into euros? Do we have to use a world bank or could we use a local one? Thanks..
You could open an offshore account, perhaps in Switzerland with UBS (Union Bank of Switzerland) among others. They might well have a branch where you live.
Joined: Aug 10, 2004 Posts: 1104 Location: San Diego, CA, USA
Posted: Wed Oct 27, 2004 8:48 am Post subject: Re: Investing in Euros??...
skateari wrote:
How does one go about switching there dollar savings into euros?? I live in LA and my family wants to switch our savings over to dollars, its quite a bit of money in the many thousands, how could we go about switching our savings into euros? Do we have to use a world bank or could we use a local one? Thanks..
You can also purchase mutual funds that buy short-term bonds denominated in Euros. I am considering a variety of short-term and intermediate-term bond funds right now that purchase foreign debt.
E.g. T-Rowe price has an international bond fund. The danger with these is the interest rate risk. So you might want to search for a extremely short-term bond fun that purchases Euros.
Joined: Sep 16, 2004 Posts: 4925 Location: Southwest WI
Posted: Wed Oct 27, 2004 8:59 am Post subject:
I also have the same question. I really would like to exchange some currency. After reading all this crap about the US dollar, its time I diversify. The only thing keeping this ship from sinking is a fleet of aircraft carriers, nuclear subs, and a bunch of B-2's!
You could open an offshore account, perhaps in Switzerland with UBS ...
True. But remember, you have to declare (disclose) any offshore account to the US government (IRS) for tax reasons as long as you are paying taxes in US. High liquidity.
Another (perhaps better) way is buy euro futures long term. Thus, you don't disclose, you have a perfect hedge, and the only problem is to pay taxes on the mark-to-market ate each year end. Medium liquidity.
Third, perhaps best way is, buy physical gold, put it in a safe deposit box.
Not very liquid, though. Good for long (5+ years) hedge.
If many thousands is under 50k, probably a swiss bank account with a debit card is best. If it is 100k+, a combination of all those three above
should be considered.
Joined: Aug 25, 2004 Posts: 85 Location: West Coast, USA
Posted: Wed Oct 27, 2004 10:42 am Post subject:
Quote:
So you might want to search for a extremely short-term bond fun that purchases Euros.
BEGBX, American Century International Bond Fund fits this description. It buys high-quality short term bonds from mostly European governments. I've had it a while, and it works well as a counter to the dollar, but it hasn't grow nearly as fast as my energy & natural resources funds.
Also, consider buying physical gold, which is appreciating in all currencies right now and will probably continue to do so, some volatility notwithstanding. If the dollar falls quickly, the euro will also loose value compared to gold.
Joined: Oct 15, 2004 Posts: 2256 Location: Arkansas
Posted: Wed Oct 27, 2004 2:20 pm Post subject: Investing in Euros
The way I bought Euro's was very simple, I went to my local bank and ordered them. It was a mere $13.00 charge to convert whatever amount I wanted to convert. Then I stuck it in a safety deposit box. If I want to convert them back, just go back to the bank and exchange them. I like this way of buying currency better than through a bond or mutual fund, bc I like to hold the cash, there are no hidden mutual fund expenses etc., and when the money is converted back there is no record of the exchanges (purchase or sale), thus also no reported capital gains tax.
As another note, right now the Euro is stronger than the dollar, however, I would consider buying Swiss Francs, b/c the SF is one of the few currencies still based on the gold standard. Therefore, if there was some kind of dollar collapse, that could eventually drag all other currencies, including the Euro with it. However, my hope is that the Swiss Franc, being based on the gold standard, will better weather any dollar collapse.
Last, consider buying either U.S. gold eagle coins or silver coins. They are legal tender, easily recognizable, can be used as currency in a pinch, and appreciate in value when the dollar goes down in value (all gold, like oil, is traded in dollars, so when the dollar goes down, gold goes up). When you buy gold or silver, buy it through someone that doesn't require any SSN. I've have good experience with Austin Rare Coins and Bullion. You call in your order, lock it in, send them a check, when your check clears, they send you your order (insured of course). There is no record of the exchange. Likewise, they agree to buy it back at the spot price at the time of re-sale, and again, no paper trail.
Posted: Fri Oct 29, 2004 1:07 am Post subject: Re: Investing in Euros
I'm not sure about the Swiss Franc being backed by the gold standard ..I believe they changed their constitution in 1999 to remove that gold requirement, which was a 40% backing on gold...
seahorse wrote:
The way I bought Euro's was very simple, I went to my local bank and ordered them. It was a mere $13.00 charge to convert whatever amount I wanted to convert. Then I stuck it in a safety deposit box. If I want to convert them back, just go back to the bank and exchange them. I like this way of buying currency better than through a bond or mutual fund, bc I like to hold the cash, there are no hidden mutual fund expenses etc., and when the money is converted back there is no record of the exchanges (purchase or sale), thus also no reported capital gains tax.
As another note, right now the Euro is stronger than the dollar, however, I would consider buying Swiss Francs, b/c the SF is one of the few currencies still based on the gold standard. Therefore, if there was some kind of dollar collapse, that could eventually drag all other currencies, including the Euro with it. However, my hope is that the Swiss Franc, being based on the gold standard, will better weather any dollar collapse.
Last, consider buying either U.S. gold eagle coins or silver coins. They are legal tender, easily recognizable, can be used as currency in a pinch, and appreciate in value when the dollar goes down in value (all gold, like oil, is traded in dollars, so when the dollar goes down, gold goes up). When you buy gold or silver, buy it through someone that doesn't require any SSN. I've have good experience with Austin Rare Coins and Bullion. You call in your order, lock it in, send them a check, when your check clears, they send you your order (insured of course). There is no record of the exchange. Likewise, they agree to buy it back at the spot price at the time of re-sale, and again, no paper trail.
Im thinking for the euro for short term. I think with the expected "petro-euro" comming into play it should make the currency stronger, as compaired with the dollar. At least for the next few months or so the Euro should be a good investment... I think?
And Buying gold (which is stored in Australia BTW, so if there ever was a collapse, or a gov. gold collection going on it might be safe) for the long term. Is this good thinking? Im not getting the gold in my had, but its stored in Australia and I got the paper for it, can sell/trade it whever.. but if STHF I would want the gold in my possesion right? What do you guys think about that? I could always get a deposit-box and store and get the gold sent here if I wanted..
Also the swiss franc my be a good long time investment.. but that would depend if its on the gold standard or not, i'll do some research on that. thanks for the replies
Joined: Oct 15, 2004 Posts: 2256 Location: Arkansas
Posted: Fri Oct 29, 2004 12:27 pm Post subject: Gold/Euro/Franc
If you are planning for the SHTF scenario, have your supplies in hand, not stored away somewhere else with only a paper certificate saying you own it. Being a lawyer, I will say that possession is 9/10th of the law, and you don't want there to be any problems in a SHTF scenario. I consider a safety deposit box as being "in hand." So, if its not in hand, its probably no good in a SHTF scenario, my opinion of course.
As for the Swiss Franc, I thought they were still on the gold standard, but I'm not sure, so do check into it. I don't remember why they didn't convert to the Euro, but part of the reason was their reliance on their financial instutions long history with the gold standard, but check it out.
Again, I believe that there is benefit to having paper-less investments and investments that cut out as many money managers and middle men as possible, simply because those things all leave a big paper trail and everyone but you involved in the process will charge you a fee. That's why if you convert money to Euros at a local bank, you have a one time fee, that's it, no paper trail, nothing reported to anyone, ever, including when or if you decide to convert it back to dollars. Same with buying gold or silver, paperless. Tuck it all away in a safety deposit box.
Joined: Sep 29, 2004 Posts: 2330 Location: Pennsylvania, USA
Posted: Fri Oct 29, 2004 1:20 pm Post subject:
Numbered Swiss bank accounts sound so cloak and dagger, I love it. Keeping money with the Swiss is probably a good idea as long as you can escape to get it. Buying gold is the safest hedge, but the government in the US has before (1933) declared private ownership of it illegal and confiscated it.
As posted in other topics, in a time of emergency, financial collapse, etc, the US government can take everything you own if it sees fit. It can even take you - to somewhere else, if they want. The Patriot act only expands those unconstitutional executive orders.
Joined: Oct 15, 2004 Posts: 2256 Location: Arkansas
Posted: Fri Oct 29, 2004 10:50 pm Post subject:
My view on currency is to convert it at your bank and actually put it in your safetfy deposit box (not in an account somewhere, where there's a record of it), and then convert it back to dollars sometime later. This is only a hedge against deflation of the dollar, and probably not good for a depression scenario involving some type of financial collapse, in that case, actual gold and silver would be best.
Kingcoal is correct, in that the government can and will do whatever it wants in time of crisis, including taking gold, whether it has the legal power or not (marshall law is the catch-all). And I agree that the Patriot Act and all the other vague executive orders pretty much give the Feds power to do whatever. Just keep in mind, buying gold is paper less, there's no paper trail that you own it, same with silver. Further, if asked, don't tell, you have a fifth amendment right not to talk, ever, to anyone.[/quote]
Joined: Oct 15, 2004 Posts: 2256 Location: Arkansas
Posted: Fri Oct 29, 2004 10:54 pm Post subject:
My view on currency is to convert it at your bank and actually put it in your safetfy deposit box (not in an account somewhere, where there's a record of it), and then convert it back to dollars sometime later. This is only a hedge against deflation of the dollar, and probably not good for a depression scenario involving some type of financial collapse, in that case, actual gold and silver would be best.
Kingcoal is correct, in that the government can and will do whatever it wants in time of crisis, including taking gold, whether it has the legal power or not (marshall law is the catch-all). And I agree that the Patriot Act and all the other vague executive orders pretty much give the Feds power to do whatever. Just keep in mind, buying gold is paper less, there's no paper trail that you own it, same with silver. Further, if asked, don't tell, you have a fifth amendment right not to talk, ever, to anyone.[/quote]
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