What cyurrency should I invest in if the eurozone collaspes

ezra160192 · 24-09-2019 3:06pm #1

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

Allinall · 24-09-2019 3:11pm

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.

pearcider · 24-09-2019 3:11pm

Double post

pearcider · 24-09-2019 3:11pm

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

JMMCapital · 24-09-2019 8:14pm

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

Odhinn · 24-09-2019 8:16pm

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.

Beasty · 24-09-2019 9:24pm

Thread moved from Current Affairs/IMHO

LeinsterDub · 24-09-2019 9:25pm

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

Amirani · 24-09-2019 9:29pm

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.

4068ac1elhodqr · 24-09-2019 9:42pm

LeinsterDub wrote: »

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.

MikeSoys · 24-09-2019 9:46pm

physical gold..

Spanish Eyes · 24-09-2019 9:48pm

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

kerosene · 24-09-2019 9:50pm

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.

LeinsterDub · 24-09-2019 10:03pm

Kole Ripe Martinet wrote: »

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

JMMCapital · 24-09-2019 10:05pm

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).

CelticRambler · 24-09-2019 10:05pm

Kole Ripe Martinet wrote: »

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:

4068ac1elhodqr · 24-09-2019 10:07pm

LeinsterDub wrote: »

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.

4068ac1elhodqr · 24-09-2019 10:10pm

CelticRambler wrote: »

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.

drunkmonkey · 24-09-2019 10:13pm

CelticRambler wrote: »

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.

JMMCapital · 24-09-2019 10:14pm

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

JMMCapital · 24-09-2019 10:15pm

Spanish Eyes wrote: »

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.

CelticRambler · 24-09-2019 10:16pm

Kole Ripe Martinet wrote: »

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.

4068ac1elhodqr · 24-09-2019 10:21pm

CelticRambler wrote: »

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).

dxhound2005 · 24-09-2019 10:40pm

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

hmmm · 24-09-2019 11:08pm

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.

JMMCapital · 25-09-2019 12:33am

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?

JMMCapital · 25-09-2019 12:36am

Kole Ripe Martinet wrote: »

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.

Victor · 25-09-2019 12:45am

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?

kerosene · 25-09-2019 5:51am

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.

Wanderer78 · 25-09-2019 6:53am

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

JMMCapital · 25-09-2019 7:15am

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.

hmmm · 25-09-2019 10:34am

JMMCapital wrote: »

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?

Most money managers do not suggest anything like 5 to 10% in gold.

BTW bitcoin is down 5% in the past day.

JMMCapital · 25-09-2019 11:07am

hmmm wrote: »

Most money managers do not suggest anything like 5 to 10% in gold.

BTW bitcoin is down 5% in the past day.

Yes they do. John Paulson, Stanley Druckenmiller, Ray Dalio, Paul Tudor Jones, Peter Schiff, Jim Rogers to say the least I could name hundreds.

https://www.linkedin.com/pulse/paradigm-shifts-ray-dalio/

www.youtube.com/watch?v=GTruXijTQ9A - Jim Rogers: Buy Gold Coins and Silver Coins as Global Crisis Is Coming

Don't mind bitcoin total waste of time.

El Tarangu · 25-09-2019 11:17am

hmmm wrote: »

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

Hey, cowrie shells are due a bounce.

CelticRambler · 25-09-2019 11:28am

hmmm wrote: »

BTW bitcoin is down 5% in the past day.

Typo? It's down 15%.

davegilly · 25-09-2019 11:47am

What about Oil? As there is a finite supply then surely the only way is up? Over time obviously! And any middle East craziness will only drive the price up also, no?

Jim2007 · 25-09-2019 11:50am

Kole Ripe Martinet wrote: »

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.

It does not matter where the things are printed. This is in the tinfoil hat area.

Jim2007 · 25-09-2019 11:54am

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.

We know exactly what will happen to the Euro, the Dollar, the Franc etc... absolutely nothing. And if anything was to happen to anyone of those currencies then it would not matter what currency you had been using, you'd be screwed.

Jim2007 · 25-09-2019 11:59am

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 not such thing as German Euro, it does not matter where they are printed. And BTW, German has a long history of letting financial institutions fail, so good luck with that.

Your strategy worked so far because the type of event you are trying to defend against has not happened. The ECB and the SNB have the deepest pockets, if either of them get wiped out then it will not matter what currency you have been using, you'll be screwed.

Jim2007 · 25-09-2019 12:02pm

pearcider wrote: »

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

Gold is just a commodity, but unlike other commodities it's value can be driven by fear and greed. Treat it exactly the same as any other commodity and diversify.

Jim2007 · 25-09-2019 12:09pm

drunkmonkey wrote: »

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.

Stop listening to the talking heads and do some proper research.

Jim2007 · 25-09-2019 12:13pm

JMMCapital wrote: »

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?

Gold is a commodity and like any other in a big portfolio for diversification purposes it is recommended to hold a small amount in commodities. But in 30 years working in the business I have never come across a fund manager recommending you hold 5 - 10% in gold, usually the strategy is to hold between 5 - 7% in total in commodities.

Jim2007 · 25-09-2019 12:22pm

JMMCapital wrote: »

Yes they do. John Paulson, Stanley Druckenmiller, Ray Dalio, Paul Tudor Jones, Peter Schiff, Jim Rogers to say the least I could name hundreds.

They are all hedge fund managers, so unless you are going to manager your investments as a hedge fund, holding a high percentage of a fund in hold as part of a hedging strategy is very different to using it for diversification purposes.

Jim2007 · 25-09-2019 12:27pm

davegilly wrote: »

What about Oil? As there is a finite supply then surely the only way is up? Over time obviously! And any middle East craziness will only drive the price up also, no?

June 2008: $164 a barrel, August 2019: $55... the only way is up? Seriously! Have you heard of the green movement?

JMMCapital · 25-09-2019 12:31pm

Jim2007 wrote: »

Gold is a commodity and like any other in a big portfolio for diversification purposes it is recommended to hold a small amount in commodities. But in 30 years working in the business I have never come across a fund manager recommending you hold 5 - 10% in gold, usually the strategy is to hold between 5 - 7% in total in commodities.

Yes Jim I know that but you have to admit it is a good investment specially in the current environment it has numerous benefits which people tend to overlook.

Victor · 25-09-2019 5:19pm

davegilly wrote: »

What about Oil? As there is a finite supply then surely the only way is up? Over time obviously! And any middle East craziness will only drive the price up also, no?

When the price of oil goes up other sources of oil, that would be otherwise uneconomic to operate, become economic.

Jim2007 · 25-09-2019 6:53pm

JMMCapital wrote: »

Yes Jim I know that but you have to admit it is a good investment specially in the current environment it has numerous benefits which people tend to overlook.

You may think that, but I certainly don't. It's a commodity that can have a good impact as part of an over all portfolio strategy. But it has one major disadvantage over other commodities - it's value is often determined by fear and greed.

SlowBlowin · 25-09-2019 7:04pm

I know several people who have large sums in German Euro.

That is euros in a German bank, the idea being that Germany would never devalue their euro due to their huge surplus.

Here's an page on it.

https://www.poundsterlinglive.com/eurusd/10606-the-euro-ends-when-germany-is-ready-to-print-deutsche-marks-again-greece-s-varoufakis

dxhound2005 · 25-09-2019 7:05pm

If there is a predicted Euro collapse, this will cause panic. All the good advice about drip feeding money into different assets will go out the window. People will pile into gold or whatever is flavour of the month.

The thing to watch out for now, is those with an interest in certain assets trying to stoke a feeling of panic, to make a killing from whatever they are holding. I saw something similar when there was a bank share flotation. A lot of advice suddenly appeared warning prospective investors off, and extolling the virtues of another bank's shares.

Jim2007 · 25-09-2019 9:34pm

SlowBlowin wrote: »

I know several people who have large sums in German Euro.

That is euros in a German bank, the idea being that Germany would never devalue their euro due to their huge surplus.

Here's an page on it.

https://www.poundsterlinglive.com/eurusd/10606-the-euro-ends-when-germany-is-ready-to-print-deutsche-marks-again-greece-s-varoufakis

And you base this kind of nonsense on a complete failure such as Yanis Varoufakis, a man who led his country to the brink of disaster and then was clueless what to do other than run away. Good luck with that kind of advisor.

Oh and by the way, the huge Euro surplus is held by the SNB.

SlowBlowin · 25-09-2019 9:47pm

Jim2007 wrote: »

And you base this kind of nonsense on a complete failure such as Yanis Varoufakis, a man who led his country to the brink of disaster and then was clueless what to do other than run away. Good luck with that kind of advisor.

Oh and by the way, the huge Euro surplus is held by the SNB.

I said I know several people, it was one of them who showed me the video.

I do not have a German bank account.

What cyurrency should I invest in if the eurozone collaspes

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