It has been stated the the US gold reserve will be sold off under Trump to buy ‘CRYPTO’ ( a brand of scratchy toilet paper ). Obviously there must be other currencies to invest in which will be crash-proof, crash-resistant, Rump stupidity resistant.
I can’t stop Rump, I can’t depose Rump, but I can try to protect what meager savings I have from his tiny greedy paws. Gems are a scam; they have whatever value someone in a shop down the street says (assuming he isn’t palming your stones). Gold is a scam because too many people are touting it. Real-estate is a scam because you never really own it; you have to pay taxes on it. Factors of production depreciate (and luxury item depreciate even faster).
I’m curious about converting my savings into Euros to try to protect them from the thieving and ignorant hand of the Rumpanzee.
Is this possible? Would transfer costs be prohibitive…?
If the US economy were to collapse, an extremely unlikely event, and the dollar became nearly worthless, I’d want to own my house so I have someplace to sleep at night, and a pile of gold that I could use to obtain whatever I need to survive. Gold will be worth more as the currency is worth less, IMO.
I did answer your question, you apparently didn’t read it or just didn’t like it. If you have an answer you’d like us to feed you, then just tell us what that is.
It does not appear that you did answer the question at all but raised related ones and answered those instead.
Then replied belligerently on the next post. Enough of the side questions. Stay on topic, especially this early in a thread. I’ll hide your first reply to prevent a hijack.
With a saber rattling Putin and a fanboy in Trump, I would be wary of Euros over Dollars. An expanded conflict will impact Euros far more than the Dollar I think.
Most experts say the Swiss Franc is the safest currency in the world. I would say, that if you were going to do this, look at Swiss Francs (CHF).
I’m going to stay in Dollars (USD) and investments. I agree housing is not a great hedge and gold has many issues IMHO.
Trump says a lot of things, he doesn’t follow through on most of them. I would hazard a guess the selling gold for crypto will either barely happen or not happen. There will be a lot of resistance in the Senate and by the Fed against this move.
Now, the US Dollar facing turmoil due to a tariff war I can see. That seems like a more realistic worry.
That. That and there are a Lot of reasons why he’s bad for the economy and bad for the value of the dollar. There are days when I wouldn’t be surprised if he was standing in a rowboat in the middle of a lake saying, “A lot of people are saying I should dig for gold. A lot of people. A hundred million people. Smart people.”
I would say Trump would lean towards buying more gold. As for the OP I agree with What_Exit, Swiss Francs.
Also, based on the OP and a lot of the replies, shouldn’t this be in P&E? If the question were just, “What’s the most stable no-USD, non-crypto currency?” I’d see why it is IMHO; but since the well was poisoned at the outset by what Trump may or may not do and the wisdom of the hypotheticals, it should be moved.
It could go either way, but it is mostly about predicting the future which is impacted by many factors, Trump among them. I’ll leave it here to encourage it not to become YATAT yet another thread about Trump.
BTW: Your question is better suited to a flag as it could have easily become yet another hijack of this thread if I wasn’t around. Next time please flag it instead. It was a good point, but not one for the thread itself.
I feel politics has to enter this discussion. Any question of which non-US currency is the best replacement for dollars if US dollars collapse has to address the issue that a post-dollar economy would be very different from what we have now.
If US dollars collapse, along with the US economy, then the United States will be weaker militarily and diplomatically. Countries whose economies rely on a strong United States as an ally will see the ripple effects.
I think the real question should be which non-US currencies would be most immune to the effects of an American financial and political collapse. Chinese renminbi perhaps (although I’ll admit I don’t understand the subtleties of China’s renminbi/yuan economy). Or maybe Brazilian reals.
I’m not going to forecast the prospects for the euro one way or another. There’s too much instability and uncertainty on too many levels.
However, if you go this route, you should expect to buy euros and hold them stateside. Don’t plan to open an account in a European bank. Nearly all of them refuse to support Americans because FATCA compliance is such a pain in the ass. And the few that would be willing to work with you have limited services and strict rules.
This. One or the other side of that trade must do well as a matter of financial physics.
Much better than trying to buy some other country’s currency which just adds a bunch more wildcards and future contingencies to the mix.
If forced to answer the OP’s question narrowly defined I’ll be a bit contrarian and say the currency that will do best if the USD gets trashed in the Chinese yuan. The problem is it’s hard for Americans to buy and hold in quantity. And will be hard to spend at your local store.
Since T**** styles himself a financial genius, I expect him to (try to) meddle with tariffs, interest rates, price controls & anything else that flits through his brain. His only metric for “success” will be whether what he does benefits his net worth, so I think the rest of us are in for a rough economic ride. One “advantage” of being over 60 y.o. is that I remember vividly “stagflation” when interest rates, inflation, and unemployment all shot way up, and that wasn’t supposed to happen. So I expect the unpredictable.
I’m looking to diversify my modest assets as much as possible. One possibility I’m seriously considering is using my next RMD to buy silver* and then stashing it in a Kitco storage vault (I sure don’t want 100 lb of silver lying around my house!). Kitco is a Canadian company and you can elect to use a Canadian vault, which presumably would be harder for the kleptocracy to get its paws on.
Have any of you tried this? What do you think?
I’m thinking silver because the gold:silver price ratio is near 85 now and historically that means gold is overpriced relative to silver.