Per yesterday’s link, Warren Buffett thinks the US dollar it could fall relative to other currencies and has, he says, been buying foreign currencies for the first time in his life.
In which regard this query is particularly apropos:
Tom MacFarland: ‘It now seems that its possibly for the American consumer to easily and affordably open up foreign currency accounts (Deposit, Money Market and fixed-term CD) with small minimum amounts over the web (that are FDIC insured) that pay an interest rate appropriate for the target currency. I knew this was in principle possible previously, but the minimum amounts were not accessible to many of us. A friend called my attention to everbank.com. I would be interested in your comments and those of your readers.’
☞ Well, Everbank is new to me, but at first blush this looks as if it could be worth your pursuing.
One concern is that the FDIC won’t insure your account against currency loss (if you choose to denominate your savings in Euros or renminbi, say, and if the Euro or renminbi should fall rather than rise against the dollar). It only insures against insolvency of the bank.
Another concern is – what do I know about Everbank? (And what kinds of spreads does it charge as you buy and sell foreign currencies?)
But, like you, I think it’s intriguing, and, like you, I would be interested in the thoughts of readers who may have had some experience with this bank, or with competing opportunities.
Wouldn’t it be a wild coincidence if the best strategy for your savings were always to keep all of it denominated in US dollars? Clearly, there are times other currencies will do better. Warren Buffett (and, apparently, Sir John Templeton) are two pretty smart guys who think this may be one of those times. Happy Halloween.
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The only thing I like about rich people is their money.~Nancy Astor
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