Where to put savings now?

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pi123

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If you were to move savings outside Ireland, where do you put them?

An option that has been turned over is to open a Euro a/c Lloyds in UK and put savings there. Also to open a Swiss France and Sterling a/c in same bank and then means can be converted quickly if needs be. Don't want to convert from euro yet as currencies are so volatile at the moment.

Any advice much appreciated on this or if there is a better option, would love to hear it
 
pi123 said:
If you were to move savings outside Ireland, where do you put them?

An option that has been turned over is to open a Euro a/c Lloyds in UK and put savings there. Also to open a Swiss France and Sterling a/c in same bank and then means can be converted quickly if needs be. Don't want to convert from euro yet as currencies are so volatile at the moment.

Any advice much appreciated on this or if there is a better option, would love to hear it
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the swiss franc is so strong at the moment , you would need something like 20% more euro to buy it today than last december , you could find yourself in a situation where even you bought in today and were secure in the knowledge that your money wouldnt evaporate , were the euro to stabalise in the coming months , you would find youself trying to buy back into euro with a weakened franc

personally i think gold is ( probabley ) the best option right now
 
Nowhere is risk free. Not even Germany or Switzerland. If you are concerned about banks,(as you seem to be) then seek accounts in the most highly rated banks like Rabo or similar. Read thro AAM on opening accounts abroad, there are large posts on these, particularly in Germany, Switzerland etc. I would avoid investing in a single asset like gold or anything else. You may get the best protection by diversifying into various accounts in Euroland with AAA+ rated banks.
 
farmerette said:
personally i think gold is ( probabley ) the best option right now
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Surely gold is even more over valued lately given the mass flock to invest in it as a haven for risk reduction (and investment) and that in itself makes it even more risky when the "bubble" does eventually burst, no? Or am I looking at it wrongly?

I realise this post would be more at home in the Investments thread on AAM but in the context of Deposits its hard to ignore gold (particularly given gold's media coverage over recent years) as an alternative to having conventional cash deposits.

Thoughts welcome as an expansion on the OP's question.
 
georged3rd said:
Surely gold is even more over valued lately given the mass flock to invest in it as a haven for risk reduction (and investment) and that in itself makes it even more risky when the "bubble" does eventually burst, no? Or am I looking at it wrongly?

I realise this post would be more at home in the Investments thread on AAM but in the context of Deposits its hard to ignore gold (particularly given gold's media coverage over recent years) as an alternative to having conventional cash deposits.

Thoughts welcome as an expansion on the OP's question.
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I wouldn't put a cent into gold now. I could be wrong, but I don't think so. The flight to safety will be fickle and short-lived IF (and it's a big if) the US and Europe solve this problem.
 
Thanks for the replies, not really a gold investment type, rather keep the cash. Had savings in rabo but worry about Euro defaulting and we go back to punt, the Euro in rabo would become punt (or similar) and be devalued.

If you hold savings in UK in Euro account and we went back to punt, or if two tier Euro idea came into effect, would it be better to have savings in UK rather than in Ireland? It's alot of if's I know but trying to keep savings in best place possible
Thanks again
 
pi123 said:
If you hold savings in UK in Euro account and we went back to punt, or if two tier Euro idea came into effect, would it be better to have savings in UK rather than in Ireland?
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If I could just add a further twist to this question...
Many people here have been advocating retaining deposits in euro in Germany. However, some are now suggesting that in the event of a euro break-up, the Germans would want to devalue so that they remain competitive (being that they are the worlds second largest exporter).

Very confusing as regards working out what's the best option to take......:confused:
 
georged3rd said:
Surely gold is even more over valued lately given the mass flock to invest in it as a haven for risk reduction (and investment)
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What rush? it actually sold off alongside everything else yesterday since everyone is in risk-on/risk-off in tandem.
 
bryanod said:
What rush? it actually sold off alongside everything else yesterday since everyone is in risk-on/risk-off in tandem.
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This makes no sense.

For every ounce of gold that is "sold off", the same ounce is bought.
 
A lot of people on this forum have been like the proverbial blue-arsed flies, trying to put their deposits abroad, where they imagine they're safe. As recent times have shown, we are all sailing in the same global economic boat.
 
So what is the difference between a buying frenzy and a selling frenzy?

For every buyer there is a seller, otherwise the transaction does not take place and it makes no difference.
 
kdoc said:
A lot of people on this forum have been like the proverbial blue-arsed flies, trying to put their deposits abroad, where they imagine they're safe.
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Of course they are - they want to protect their savings. What would you suggest they do - sit back and watch it unfold?

Presumably they will be "safer" in one place than another and at less risk of erosion in one place than another. Figuring out where is best doesn't seem to be so straightforward though.
 
My advice - blow all your savings. Party large! Then come back and tell the government you're broke. They'll give you a house and an income. :)
 
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georged3rd said:
Surely gold is even more over valued lately given the mass flock to invest in it as a haven for risk reduction (and investment) and that in itself makes it even more risky when the "bubble" does eventually burst, no? Or am I looking at it wrongly?

I realise this post would be more at home in the Investments thread on AAM but in the context of Deposits its hard to ignore gold (particularly given gold's media coverage over recent years) as an alternative to having conventional cash deposits.

Thoughts welcome as an expansion on the OP's question.
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gold rose four fold before the media gave it a seconds notice , gold has only entered the public consciousness very recently , the recent stock market bull run was a sham , backed by nothing except QE by the goverment , america is entering rescession again , money will enter defensive assetts like gold + europe will have no choice but to print thier way out of debt so that will inevitabley lead to a weaker euro which is redicolously over valued anyway , all signs suggest gold will at least hold its own over the next year at least , a sell off of 100 euro an ounce here or there is nothing to worry about , if it was where it is now in a years time , id still be happy
 
farmerette said:
gold rose four fold before the media gave it a seconds notice , gold has only entered the public consciousness very recently , the recent stock market bull run was a sham , backed by nothing except QE by the goverment , america is entering rescession again , money will enter defensive assetts like gold + europe will have no choice but to print thier way out of debt so that will inevitabley lead to a weaker euro which is redicolously over valued anyway , all signs suggest gold will at least hold its own over the next year at least , a sell off of 100 euro an ounce here or there is nothing to worry about , if it was where it is now in a years time , id still be happy
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All of this is highly speculative. It's also wrong to say that the stock market run was solely caused by QE or that it must follow that the ECB will engage in QE or that the Euro is neccessarily overvalued.

Gold investment is highly speculative, and not for the faint-hearted. A resolution of the current crisis would leave a lot of damage to the Gold price in it's wake. In short, gold should not be a sole option for any saavy and conservative investor, or any investor in my opinion.
 
horusd said:
All of this is highly speculative. It's also wrong to say that the stock market run was solely caused by QE or that it must follow that the ECB will engage in QE or that the Euro is neccessarily overvalued.

Gold investment is highly speculative, and not for the faint-hearted. A resolution of the current crisis would leave a lot of damage to the Gold price in it's wake. In short, gold should not be a sole option for any saavy and conservative investor, or any investor in my opinion.
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bar putting money in a swiss franc account , buying german bonds or sticking it under the matress , how does one conservativley invest when the worlds fianancial and economic system is on the brink
 
serotoninsid said:
Of course they are - they want to protect their savings. What would you suggest they do - sit back and watch it unfold?

Presumably they will be "safer" in one place than another and at less risk of erosion in one place than another. Figuring out where is best doesn't seem to be so straightforward though.
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Serotonin, I mentioned a long time ago that some prudent diversification was sensible. For the record, mine is with different institutions within this country. It seems to me that putting it abroad adds another element of risk. Is anywhere in the Eurozone any safer that somewhere else in the Eurozone? If not, and you are concerned about erosion, take note of the lousy interest rates being offered abroad.
 
@kdoc: I'd be quite happy to place it here if it wasn't for the possibility of euro breakup - and the devaluation that would follow. Presumably, you feel this won't happen?
 
Bunds are the best game in town in my view.

Filling your boots with Sterling, gold, Swiss francs etc now is probably the equivalent of arriving late to the party.
 
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