Investing in foreign currenciesgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Anyone here know how to put some cash into foreign currencies? Can you open a non-dollar account at your local bank, or what? And what currencies would you recommend in case widespread Y2K problems cause a flight from the dollar? Not a country that sells us lots of exports, I assume.
And before you say it, yes, I've heard of gold....
-- Don't spam me (firstname.lastname@example.org), July 15, 1999
Foreign currency CDs are available in US banks such as Citibank (800-755-5654), and I believe Mark Twain bank in St. Louis. Also in foreign banks with branch offices in NY. Also in US foreign currency mutual funds (Franklin Funds --- 800-342-5236).
For large amounts you might have your broker buy the treasury bonds of the country you're interest in the currency of.
The Australian dollar (recommended by R.E. McMaster in The Reaper investment newletter) may be a good bet.......it can be expected to hold strength with respect to other Asian countries (yes, it is considered an Asian currency) because of better preparation, and it casn get a boost from commodity prices, especially gold/silver.
The Euro currencies don't look too good.
-- de (delewis@Xinetone.net), July 15, 1999.