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What cyurrency should I invest in if the eurozone collaspes

  • 24-09-2019 3:06pm
    #1
    Registered Users Posts: 21 ✭✭✭ ezra160192


    Hey. So i Have a bit of savings in the bank. Honestly who knows what will happen to the eurozone after brexit but I want to be prepared as possible for the worst outcomes. Obviously one of these outcomes will be the euro plummeting or worse just disappearing all together.

    Can anyone who are any way financially literate when it comes to these sort of things give me some advice on what currency i should change my euros too? Also i understand bitcoin is def an option however im not particularly looking to get some gain out of it just to protect my current savings as they are if europe goes down the ****ter. Any advice is great appreciated


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Comments

  • Registered Users Posts: 5,096 ✭✭✭ Allinall


    ezra160192 wrote: »
    Hey. So i Have a bit of savings in the bank. Honestly who knows what will happen to the eurozone after brexit but I want to be prepared as possible for the worst outcomes. Obviously one of these outcomes will be the euro plummeting or worse just disappearing all together.

    Can anyone who are any way financially literate when it comes to these sort of things give me some advice on what currency i should change my euros too? Also i understand bitcoin is def an option however im not particularly looking to get some gain out of it just to protect my current savings as they are if europe goes down the ****ter. Any advice is great appreciated

    I've my money split between the German Euro and Canadian Dollars.

    I swap between both currencies regularly, tracking the CSI in France.

    Think it's working so far.


  • Registered Users Posts: 1,033 ✭✭✭ pearcider


    Double post


  • Registered Users Posts: 1,033 ✭✭✭ pearcider


    Gold is God’s currency. It has no counter party risk and cannot be printed hacked or created from other substances.


  • Registered Users Posts: 373 ✭✭ JMMCapital


    Not crypto currencies anyway they're pure speculation at it's finest.
    stay clear.
    I would recommend Gold as it is a great hedge for financial market risks, inflation and it's a highly liquid asset. Maybe silver too (I own both).
    check out my lecturers BBC article on Bitcoin. https://www.bbc.com/news/technology-25130261


  • Registered Users Posts: 7,242 ✭✭✭ Odhinn


    ezra160192 wrote: »
    Hey. So i Have a bit of savings in the bank. Honestly who knows what will happen to the eurozone after brexit but I want to be prepared as possible for the worst outcomes. Obviously one of these outcomes will be the euro plummeting or worse just disappearing all together.

    Can anyone who are any way financially literate when it comes to these sort of things give me some advice on what currency i should change my euros too? Also i understand bitcoin is def an option however im not particularly looking to get some gain out of it just to protect my current savings as they are if europe goes down the ****ter. Any advice is great appreciated




    Gold, mammoth ivory, teeth of your enemies, a good axe.


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  • Administrators, Social & Fun Moderators, Sports Moderators Posts: 63,568 Admin ✭✭✭✭✭ Beasty


    Thread moved from Current Affairs/IMHO


  • Registered Users Posts: 8,229 ✭✭✭ LeinsterDub


    Allinall wrote: »
    I've my money split between the German Euro and Canadian Dollars.

    I swap between both currencies regularly, tracking the CSI in France.

    Think it's working so far.

    There is no such thing as a German euro


  • Moderators, Society & Culture Moderators, Sports Moderators Posts: 12,462 Mod ✭✭✭✭ Amirani


    Mostly the currency of the country in which you live (presumably Irish punts) as your expenses and liabilities are likely to be in this currency. You're just unnecessarily gambling by taking FX risk and ending up in a situation where your assets are in a devalued foreign currency and your expenses/liabilities aren't. You'd also be protected by deposit guarantee scheme within Ireland. May not be the case for foreign jurisdiction.

    You can of course have a portion of your savings in CHF, USD, GBP etc. if you feel the need.


  • Closed Accounts Posts: 9,586 ✭✭✭ Kole Ripe Martinet


    There is no such thing as a German euro


    Don't the Euro notes have a serial indicating their issue/print location, a bit like coinage?
    There was a slight bit of panic around Greek euro notes not too long ago. Perhaps somewhat unfounded.


  • Registered Users Posts: 439 ✭✭ MikeSoys


    physical gold..


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  • Registered Users Posts: 15,362 ✭✭✭✭ Spanish Eyes


    Buy land. The locals will love you for doing this.

    Other than that, I doubt there is anything out there worth fretting over anymore unless you win the Euromillions and can buy up prime real estate.

    I am going to buy some farmland (if the locals don't lynch me, being a Dub that is, lol). and let it out under the tax relief arrangements available from Revenue. No brainer really. Much easier than renting a house/apartment. But need to look into it a bit more.

    https://www.revenue.ie/en/self-assessment-and-self-employment/farming/leasing-farm-land.aspx


  • Registered Users Posts: 461 ✭✭ kerosene


    Check out tallymoney, you buy gold and can spend it via Mastercard anywhere in the world with no fx charges.

    Only launched in the uk at present but due to be introduced in Europe soon.


  • Registered Users Posts: 8,229 ✭✭✭ LeinsterDub


    Don't the Euro notes have a serial indicating their issue/print location, a bit like coinage?
    There was a slight bit of panic around Greek euro notes not too long ago. Perhaps somewhat unfounded.

    Where they are printed makes no odds it's one currency


  • Registered Users Posts: 373 ✭✭ JMMCapital


    kerosene wrote: »
    Check out tallymoney, you buy gold and can spend it via Mastercard anywhere in the world with no fx charges.

    Only launched in the uk at present but due to be introduced in Europe soon.

    Our check out Goldmoney it's the exact same thing based in Canada but operates worldwide, Peter Schiff is a big advocate for it (He's Probably the biggest gold bug out there).


  • Registered Users Posts: 6,488 ✭✭✭ CelticRambler


    Don't the Euro notes have a serial indicating their issue/print location, a bit like coinage?
    There was a slight bit of panic around Greek euro notes not too long ago. Perhaps somewhat unfounded.

    Completely unfounded. A "Greek" Euro is as sound as a "German" Euro. When was the last time you checked your change to separate the Irish Euros from the Spanish ones? :rolleyes:
    ezra160192 wrote: »
    Honestly who knows what will happen to the eurozone after brexit but I want to be prepared as possible for the worst outcomes. Obviously one of these outcomes will be the euro plummeting or worse just disappearing all together.
    Why would the Euro plummet? Britain doesn't use the Euro, except to pay their EU bills. It's Sterling you need to be worried about. If that's what you've got in the bank, you could invest it in Euros. :pac:


  • Closed Accounts Posts: 9,586 ✭✭✭ Kole Ripe Martinet


    Where they are printed makes no odds it's one currency
    Likely so, the (unfounded as already stated) panic will likely also occur if the uk had the €, and if they were to actually leave.
    Would be a good opportunity to offer to buy their serial notes at 90% from panicked folks, when the would still retain full value.

    For gold, it's $1500 this week, so likely not a case of buying low, selling high antime soon. Physical metals are also tricky to transport.


  • Closed Accounts Posts: 9,586 ✭✭✭ Kole Ripe Martinet


    Completely unfounded. A "Greek" Euro is as sound as a "German" Euro. When was the last time you checked your change to separate the Irish Euros from the Spanish ones? :rolleyes:


    Mentioned it was unfounded, and Spain is not at any risk currently or recently of crashing out. No one has crashed out of the EU, the uk are leaving in a (somewhat) orderly fashion.


  • Registered Users Posts: 27,467 ✭✭✭✭ drunkmonkey



    Why would the Euro plummet?

    Ahh cause everyone outside of Europe thinks we're on a sinking ship. The banks are in a jocker, were about to lose one our biggest countries and the German economy is looking like a clapped out beetle.


  • Registered Users Posts: 373 ✭✭ JMMCapital


    "The World's Biggest Gold Investors are on a Buying Spree" - https://www.youtube.com/watch?v=mDgtE06YYD8
    GoldSilver (w/ Mike Maloney)


  • Registered Users Posts: 373 ✭✭ JMMCapital


    Buy land. The locals will love you for doing this.

    Other than that, I doubt there is anything out there worth fretting over anymore unless you win the Euromillions and can buy up prime real estate.

    I am going to buy some farmland (if the locals don't lynch me, being a Dub that is, lol). and let it out under the tax relief arrangements available from Revenue. No brainer really. Much easier than renting a house/apartment. But need to look into it a bit more.

    https://www.revenue.ie/en/self-assessment-and-self-employment/farming/leasing-farm-land.aspx

    Too expensive sadly, way too many farmers hoarding land right now around Munster.


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  • Registered Users Posts: 6,488 ✭✭✭ CelticRambler


    Mentioned it was unfounded, and Spain is not at any risk currently or recently of crashing out. No one has crashed out of the EU, the uk are leaving in a (somewhat) orderly fashion.

    It makes no difference whether a country leaves or doesn't leave. If you buy US dollars, they are worth today in Ireland what they're worth in Iowa. Were Greece or Italy or Spain or Germany to leave the Eurozone, a printed Euro note would still have the same value the day after as it did the day before. It'd be their new currency (or the GBP in the case of the UK) that might follow the Zimbabwean dollar into meaningless denominations.


  • Closed Accounts Posts: 9,586 ✭✭✭ Kole Ripe Martinet


    It makes no difference whether a country leaves or doesn't leave. If you buy US dollars, they are worth today in Ireland what they're worth in Iowa. Were Greece or Italy or Spain or Germany to leave the Eurozone, a printed Euro note would still have the same value the day after as it did the day before. It'd be their new currency (or the GBP in the case of the UK) that might follow the Zimbabwean dollar into meaningless denominations.
    Yes, we agreed on this already, it's the perception from the general public at large which might cause an issue, as it did with the Greek notes, even when they didn't crash out after many resuce packages

    Anyway... with gold up around 6yr (2013) highs, it mightn't be the best time to buy (pending future global events).


  • Registered Users Posts: 17,209 ✭✭✭✭ dxhound2005


    When there was a perceived Euro crisis in 2011, the so called smart investors went into Danish and South African currencies.


  • Moderators, Sports Moderators Posts: 11,205 Mod ✭✭✭✭ hmmm


    ezra160192 wrote: »
    Any advice is great appreciated
    OK. Stop listening to idiots telling you the Euro will collapse and suggesting you put your money into Bitcoin/Gold/Seashells.


  • Registered Users Posts: 373 ✭✭ JMMCapital


    hmmm wrote: »
    OK. Stop listening to idiots telling you the Euro will collapse and suggesting you put your money into Bitcoin/Gold/Seashells.

    Gold is a great investment. Most money managers worth their salt suggest you keep 5-10% your portfolio in gold are you saying they are idiots?


  • Registered Users Posts: 373 ✭✭ JMMCapital


    Likely so, the (unfounded as already stated) panic will likely also occur if the uk had the €, and if they were to actually leave.
    Would be a good opportunity to offer to buy their serial notes at 90% from panicked folks, when the would still retain full value.

    For gold, it's $1500 this week, so likely not a case of buying low, selling high antime soon. Physical metals are also tricky to transport.

    I buy gold on a monthly basis, better off buying it throughout the market cycle instead of holding off over prices an investor would loose out that way.


  • Registered Users Posts: 78,217 ✭✭✭✭ Victor


    Tinned foods.
    JMMCapital wrote: »
    I buy gold on a monthly basis, better off buying it throughout the market cycle
    You mean make piecemeal purchases of gold, incurring large transaction fees?


  • Registered Users Posts: 461 ✭✭ kerosene


    JMMCapital wrote: »
    Our check out Goldmoney it's the exact same thing based in Canada but operates worldwide, Peter Schiff is a big advocate for it (He's Probably the biggest gold bug out there).

    Much easier to transfer your money via tallymoney. You have an iban and bic number so you can move your money instantly. Reviews on trustpilot suggest goldmoney not as straightforward.


  • Registered Users Posts: 25,901 ✭✭✭✭ Wanderer78


    Bunkers are good, along with supplies, that ll protect you from the fall out, oh wait none of that will be required as everything will just be fine after brexit, carry on


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  • Registered Users Posts: 373 ✭✭ JMMCapital


    kerosene wrote: »
    Much easier to transfer your money via tallymoney. You have an iban and bic number so you can move your money instantly. Reviews on trustpilot suggest goldmoney not as straightforward.

    I wouldn’t base everything off trustpilot. Goldmoney is well established it has been around with a while, trades on Toronto stock exchange too.


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