Tuesday, August 26, 2008

I pulled the trigger on currency investing.....wish me luck!

About two weeks ago I decided to move some of my money from cash in US Dollars to other currencies.

I wanted to do this because I wanted investments outside stocks, bonds and housing....and I do think the US Dollar has not finished its slide. I wanted yet another way to diversify my investments.

I was trying to decide between opening a FOREX account, buying currency ETFs, or just opening a foreign currency World Market account at Everbank.

I chose the last of those three, and parked some money in several places.

First, I went put come money in these currencies with a World Currency Account:
  • Chinese Yuan
  • Swiss Francs
  • Euros
Then I invested in a single Commodity CD with positions in:
  • Australian Dollars
  • Canadian Dollars
  • New Zealand Dollars
  • South African Currency
I then opened an account and bought a little bit of Gold in one of their Metal's Accounts.....

Then kept a small amount of money in a checking account in US Dollars.

Will it all pay off....in one way, I hope so...but that sort of relies on the US Dollar sliding....which in he long run, really stinks for us if it does. So perhaps I will think of this investment as sort of a hedge on possible bad things to come.

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Trading currency is very tricky.

2:50 PM EDT  

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