buying dollars

Posted:
in General Discussion edited January 2014
Im not a market person by any sense of the word, but at the moment the sterling-dollar exchange rate is like 1.85. so If i bought say £1000 of dollars, Id get $1850. I then stash them under my bed for a year and hope the dollar increases, then exchange them for sterling, and Ive made a profit. Is this sensible?

Comments

  • Reply 1 of 5
    billybobskybillybobsky Posts: 1,914member
    no
  • Reply 2 of 5
    progmacprogmac Posts: 1,850member
    Quote:

    Originally posted by MarcUK

    Im not a market person by any sense of the word, but at the moment the sterling-dollar exchange rate is like 1.85. so If i bought say £1000 of dollars, Id get $1850. I then stash them under my bed for a year and hope the dollar increases, then exchange them for sterling, and Ive made a profit. Is this sensible?



    sure. you'll have to pay some fees and what not for the exchange...you don't have to even stash anything under your bed...there are legitimate markets for currency buying and selling just like stock, etc. rumor is the Chinese yuan is way undervalued right now, so that would probably be the best choice. God knows what will happen with the US $
  • Reply 3 of 5
    billybobskybillybobsky Posts: 1,914member
    Quote:

    Originally posted by progmac

    sure. you'll have to pay some fees and what not for the exchange...you don't have to even stash anything under your bed...there are legitimate markets for currency buying and selling just like stock, etc. rumor is the Chinese yuan is way undervalued right now, so that would probably be the best choice. God knows what will happen with the US $



    China tacks their currency to the us $...



    Logic follows...



    Don't buy the yuan if the dollar ain't right...
  • Reply 4 of 5
    Yuan some, you lose some....sorry.



    Boy. I'm good at killing threads.



  • Reply 5 of 5
    craiger77craiger77 Posts: 133member
    Lots of people speculate in currency...probably even more risky than the stockmarket. You could just as easily keep the dollars and if the pound went back down you would in a sense gain money...but only if you moved to GB.

    This is not just an academic discussion in my life unfortunately. I am married to a Japanese woman and about a year and a half ago she moved a large amount of her savings here when the the dollar was buying 121 yen. Although it is now back up to 111 it was as low as 104 awhile back. If we had waited and exchanged at 104 we would have gotten many thousands of dollars more than we did. Such is life. Fortunately she has a tidy stash of gold and its increase in value lately has offset some of the currency depreciation.
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