G
Hi Peter,
Following on from Gillys original post I too am looking for away to diversify away from the euro. I am worried about the direction it is taking and would like to protect my savings. I think the price of gold is too high to be an attractive option, but would be interested in investing in a commodity based currency possibly Canadian Dolar, I need to do my research on this first of all, but would love some information as to how to go about this.
How would you go about this?
Sorry for hijacking your thread Gilly
Laura
Thanks all ... (No problem Laura - thanks for the input)
Chris ... Thanks for your reply .. why do you think the decline of fiat currencies will not happen over night? Is it not happening as we type?
Thanks
1) Open an interest bearing Australian Dollar account. Australian central bank interest rate is at about 3.75% so you should be able to get good interest - How do I open an Aussie $ account and where?
2) Look into Canadian or Australian government bonds - Where can I buy these?
3) Look into a country specific ETFs. There are hundreds of ETFs on the market, so I'm sure there will be something that focuses on Australia or Canada - Where can one buy these?
4) Don't just restrict yourself to one or two currencies, but do focus on countries with a track record of fiscal prudence, commodity producing and export oriented. - Would you recommend Rabo funds?[/QUOTE]
Slim
1) Open an interest bearing Australian Dollar account. Australian central bank interest rate is at about 3.75% so you should be able to get good interest - How do I open an Aussie $ account and where?
2) Look into Canadian or Australian government bonds - Where can I buy these?
3) Look into a country specific ETFs. There are hundreds of ETFs on the market, so I'm sure there will be something that focuses on Australia or Canada - Where can one buy these?
4) Don't just restrict yourself to one or two currencies, but do focus on countries with a track record of fiscal prudence, commodity producing and export oriented. - Would you recommend Rabo funds?[/QUOTE]
Slim
1) See Gervan's comment
2) & 3) get in touch with some stock/bond brokers, cost is the most important factor. Alternatively bonds can be bought directly from the RBA ([broken link removed]), I'm not sure if there are restrictions for foreign buyers.
4) I generally prefer ETFs to funds, as their built in costs and tax treatment are more attractive. For someone starting out small, and wanting to buy into a fund with small amounts, then I think Rabo offer a decent service.
You are liable for 28% tax on all investment funds I believe. Rabo do not take care of this deduction, some other providers may do this.4. I read here recently that with Rabo funds there is a 28% exit tax you have to account for yourself i.e make calculations and Irish income tax return. That would reduce any investment gain.
one thing i didn't see mentioned here was silver.... that has also been make considerable gains and looks like a solid investment.
Yes silver has monetary properties as well, but it's main use is industrial, so it fluctuates more with economic conditions. For a lot of people silver is also easier to buy as bullion to store at home, as the price per ounce is lower when compared to gold.
Just out of interest, is it legal to own gold bullion in this country? actual physical gold?
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