Sunday, Oct 26, 2008
Save your savings whilst you can
Times: Turn a profit from sinking pound
NVESTORS are rushing to exchange sterling for “safer” currencies after it plunged to new depths.
Sterling hit record lows against the euro — falling to €1.22 — and a six-year low against the dollar, trading at less than $1.53 on Friday.
Posted by matt_the_hat @ 07:19 AM (305 views) Add Comment
6 Comments
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1. mark wadsworth said...
It's a bit late for bailing out of sterling.
Over the past year, GBP has fallen by about the same amount as it did after Black/White Wednesday, i.e. 20% to 25%, depending on what basket of currencies you compare it with. GBP is below where it was when Liebour took over, as is the FTSE100.
2. mken said...
It's no surprise the pound and FTSE and (off topic) house prices are getting back to 1997 levels.
After all the rises seen (the economic miracle) were based on nothing more than debt facilitated
by soft touch regulation.
3. Dr Ray said...
Great article. So good, in fact, I dont know why they held back publishing until this week.
Also advises sheeple to take up currency betting on margin.
4. techieman said...
Mark W is right - now is not the time to be getting out/(short) of sterling. I am continually amazed at the way people are reactive on these issues. The boyz are already short and a short squeeze is on the cards (very oversold) - when ? hmmm good question but sufffice to say if i was (still)short of the £ in any i way i would be liquidating whats left now.... waiting for a pullback re the Greenback. 1.50 then a bounce - well that would be my guess. And it is a guess i havent done much work on this. The bounce gets out the weak shorts, but aint neccesarily the end of the £ bear.
5. techieman said...
Just to say yours truly has been advocating moving cash into the swissy for a long time now. I think its bad of te Times to be encouraging less sophisticated players to punt (they ARE less sophisticated by definition because otherwise as i have said they would already be in). These kind of headlines /articles normally indicate the (interim perhaps) end of a move- so dont think too much more downside before the squeeze. Of course I could be wrong....
6. planning4acrash said...
Dr Ray, the Sheople will be encouraged to hedge, but, with the Paulston Plan, they will chase insider trading to their demise. I'm sticking with the gold stuff!