Is it too late to get my money out of Sterling, well, I dithered around a couple of months ago thinking of opening a foreign currency account.

After reading all the signs and from information given on this site I was fairly sure that Sterling was going to take a nose dive, but nothing happened so I became complacant.

Here we are with the pound taking a couple of hard knocks. What should I do, is it too late to change my money out of Sterling and what should I change it into.

I've heard rumours that the £ could go as low as $1.50, I don't think that it's going to get that bad, but who knows. We are at the beginning of the down turn and I have to make a decision. Get out of Sterling and risk the pound recovering or keep £'s and risk major devaluation.

Could any wise posters out there give me there opinions along with easy ways to get a foreign currency account avoiding high charges.

Thanking you all in advance.

(By the way, I've been on the site for a couple of years now lurking but I've lost my old username and password so this is a new account)

Why not go 50/50 and hedge your bets?

get a razor blade ...run a warm bath ...adios

Thank you for all of your very consctructive comments!

Try nationwideinternational.com, etc.

Or hedge with covered warrants/options. Look at the SG website for info.

Who knows what will happen next but also depends what you measure it against. I treat gold, not currencies, as the ultimate store of value.

It may bounce the minute you make the move but there is a lot wrong in the UK in the intermediate term.

Put it in the currency you intend to spend it and be concerned about inflation.

I agree with that most of the time.

But at the moment - do you know a pound based investment that provids the 20% net inflation rate I am paying on food and energy?

We are basically being forced into speculation, as saving your money in pounds is not at all safe. I have a load in gold and silver - but am thinking of the yen and swiss franc.

Barclays have an FX trading platform, that does allow you to get long term exposure to other currencies (also allows short term trading which I would lose massively on). if you write to them on www.stockbrokers.barclays.com they will talk you through it and send a demo.

Cant afford a warm bath, will ice cold rainwater do?

Silver seems quite cheap at the moment, even with the £ taking a hammering.

Swiss francs might be worth a go too.

We transfered most of our saving into dollars. I do think the pound can sink to 1:50 dollar easy by Xmas. Long term the dollar will strengthen even more against the pound and Euro IMHO.

Take a look at UKForex.

We transfered most of our saving into dollars. I do think the pound can sink to 1:50 dollar easy by Xmas. Long term the dollar will strengthen even more against the pound and Euro IMHO.

Take a look at UKForex.

Silver is set to boom, according to many...http://www.moneyweek.com/investments/precious-metals-and-gems/dont-buy-the-conspiracy-theory-buy-silver.aspx

I've just topped up my ISAs with 10K worth (spot & futures).

Please explain. How did you buy Silver with your ISA?

I agree. I have 100% of my STM fund in the US$ and can see sterling hit the skids this side of winter--perhaps into the 1.60 range. I recall that in 1978 or thereabouts Sterling floored at around 1.07 and recall it vividly as my father-in-law was over visiting from the US and was quite pleased.

The Euro is the most dangerous currency to be holding right now. Worse, IMO, than sterling as no one knows how the imbalances are going to work out now that the poisons are all hatching out in the EZ.


GBPUSD=X 1 2 Oct 1.7661

You poor slob.

Hi 'notquitesure'

I'm have the same dilemma as you, been seriously thinking of getting my savings out of the £ for sometime & should have done something sooner & not been so lazy.

But I think i'd be looking at one of the eastern currencies, & not the dollar, as that IMHO it has the same problems as the £.

What I mean is while the pound may not lose much against the dollar & may not go to 1.50, it may in the meantime be getting hammered compared to many other currencies with economies much stronger than ours or the U.S.

As for Gold, I just can't make my mind up, there are many reasons to buy it at the moment, but also I can't help feeling we are getting into 'shoe shine boy' territory because every Tom Dick & Harry is now talking about it !!

Believe me i'm no expert these are just a few of my thoughts.

How about the yen ?

I'm wondering about physically holding some CHF notes. (Wouldn't like a bank to fold, taking my CHF with it. Not much chance of HMG bailing me out in that situation)

Am I mad? Is the spread on physical foreign currency inevitably awful or is there a cheap way to get it?

Turned out to be a great call. Shame I didn't do the same

At least two years ago it was suggested on this site to diversify out of sterling. One of theses ways was to purchase dollars, solid dollar denominated assets or other undervalued currencies and their solid assets. At the time many did not because they thought UK interest rates gave a good return. Enough said.