Hold Fast Posted February 23, 2010 Share Posted February 23, 2010 Hi all, I've decided that rather than risk having my savings eroded by UK inflation I'd like to do something about it. I was considering index linked NS&I bonds but ideally I'd like something that is denominated in another currency to avoid devaluation of the pound. Its not a huge amount, about 10k but its a lot of money to me and I'd like to protect it! Can anyone advise on something that could provide the average man on the street (me) a reasonable level of security, ease of access and not cost a lot in fees. I'm not interested in gold and I think the euro is a bad idea at the moment so perhaps Swiss francs, USD,, yen or even AUSD? Thanks! Quote Link to comment Share on other sites More sharing options...
'Bart' Posted February 23, 2010 Share Posted February 23, 2010 I'm not interested in gold Well that's a thread killer right there. Quote Link to comment Share on other sites More sharing options...
ccc Posted February 23, 2010 Share Posted February 23, 2010 Nobody knows. There was similar chat just before Christmas 2008. I tallied the results of a poll on currencies to move to. Then brought it up a year later. Half would have been up. Half would have been down. If you wanted to hedge your money against a currency devaluation you would not be doing it now. You would be doing it before any danger became apparent. Someone who moves their currency today is simply gambling. And good luck to them - but it is a gamble - pure and simple. IMO anyway. Quote Link to comment Share on other sites More sharing options...
200p Posted February 23, 2010 Share Posted February 23, 2010 Doh, no gold. That only leaves Footballer-wage-linked bonds, if only they existed. And if they do, there would be no suchthing as WAGs. Cheryl Cole would have been happier too. Quote Link to comment Share on other sites More sharing options...
Pick It Down Posted February 23, 2010 Share Posted February 23, 2010 Invest in memories or loads of bottles of your favourite liquor. Everything else will get lost. Quote Link to comment Share on other sites More sharing options...
Fishfinger Posted February 23, 2010 Share Posted February 23, 2010 (edited) Hi all, I've decided that rather than risk having my savings eroded by UK inflation I'd like to do something about it. I was considering index linked NS&I bonds but ideally I'd like something that is denominated in another currency to avoid devaluation of the pound. Its not a huge amount, about 10k but its a lot of money to me and I'd like to protect it! Can anyone advise on something that could provide the average man on the street (me) a reasonable level of security, ease of access and not cost a lot in fees. I'm not interested in gold and I think the euro is a bad idea at the moment so perhaps Swiss francs, USD,, yen or even AUSD? Thanks! ? I am the average man in the street as well and I've got gold! Very easy to access and not too much in fees and as much security as you make it to be. Started buying in Aug '07 at £320 per oz now worth £700 odd, so that's the inflation angle covered.. Edit - spelling as always Edited February 23, 2010 by Fishfinger Quote Link to comment Share on other sites More sharing options...
scrappycocco Posted February 23, 2010 Share Posted February 23, 2010 Was thinking the same way a few months ago when I sold my gold on the back of experts predicting it would see $800 this year LOL, I then bought AUD at around 1.79 with HSBC currency account. I have no idea what I'm going to do now. If it's likely their going to print I think I might hedge more of my savings against devalution. What makes my blood boil is the fact that I've been putting money aside each month for many years and I have currency devalution looming over my head. By saving for the future I thought I was above my friends buying fancy cars, clothes, gadgets, nights out etc now I just feel like an idiot. Quote Link to comment Share on other sites More sharing options...
Supertop Posted February 23, 2010 Share Posted February 23, 2010 Was thinking the same way a few months ago when I sold my gold on the back of experts predicting it would see $800 this year LOL, I then bought AUD at around 1.79 with HSBC currency account. I have no idea what I'm going to do now. If it's likely their going to print I think I might hedge more of my savings against devalution. What makes my blood boil is the fact that I've been putting money aside each month for many years and I have currency devalution looming over my head. By saving for the future I thought I was above my friends buying fancy cars, clothes, gadgets, nights out etc now I just feel like an idiot. I have saved my **** off over the last 10 years but now my cash feels like a liability - I want to reduce my exposure to sterling/inflation but stable door, horse, bolted springs to mind. Quote Link to comment Share on other sites More sharing options...
Hold Fast Posted February 23, 2010 Author Share Posted February 23, 2010 I have saved my **** off over the last 10 years but now my cash feels like a liability - I want to reduce my exposure to sterling/inflation but stable door, horse, bolted springs to mind. Yeah maybe it is a bit too late, in an ideal world I would have done something about this long ago. But I didn't and you can't change the past so I'm hoping I can at least avoid it getting any worse. Ok, so far we've got gold and a HSBC currency account. I'm with first direct already so I'll look into that. Quote Link to comment Share on other sites More sharing options...
Hold Fast Posted February 23, 2010 Author Share Posted February 23, 2010 ? I am the average man in the street as well and I've got gold! @Fishfinger mate, I didn't mean the average man in the street shouldn't have gold! Sounds like you've done very well out of it too, congrats. The reason I don't want to go into gold is I think that ship has sailed. Of course that's another discussion entirely. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted February 23, 2010 Share Posted February 23, 2010 Currency speculation is a risky business. You can get some big gains - and losses. My only suggestion would be to spread around whatever you do. Quote Link to comment Share on other sites More sharing options...
Fishfinger Posted February 23, 2010 Share Posted February 23, 2010 @Fishfinger mate, I didn't mean the average man in the street shouldn't have gold! Sounds like you've done very well out of it too, congrats. The reason I don't want to go into gold is I think that ship has sailed. Of course that's another discussion entirely. The ship will be leaving the dockside, still room on board... Quote Link to comment Share on other sites More sharing options...
Guest spp Posted February 23, 2010 Share Posted February 23, 2010 Every cloud has a SILVER lining! Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted February 23, 2010 Share Posted February 23, 2010 Hi all, I've decided that rather than risk having my savings eroded by UK inflation I'd like to do something about it. I was considering index linked NS&I bonds but ideally I'd like something that is denominated in another currency to avoid devaluation of the pound. Its not a huge amount, about 10k but its a lot of money to me and I'd like to protect it! Can anyone advise on something that could provide the average man on the street (me) a reasonable level of security, ease of access and not cost a lot in fees. I'm not interested in gold and I think the euro is a bad idea at the moment so perhaps Swiss francs, USD,, yen or even AUSD? Thanks! Perhaps a Google search of countries running net fiscal surpluses or relatively small deficits might help you decide on the currencies in which to diversify. http://en.wikipedia.org/wiki/List_of_countries_by_public_debt http://www.nationmaster.com/graph/eco_deb_ext_pergdp-economy-debt-external-per-gdp http://en.wikipedia.org/wiki/List_of_countries_by_external_debt http://www.visualeconomics.com/gdp-vs-national-debt-by-country/ Quote Link to comment Share on other sites More sharing options...
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