If Greece leaves/is kicked out of the Euro, will gold go up? I need financial advice

[Barnabas]

I live in Argentina. Here the inflation rate is one of the highest in the world, around 25% per year

So, if you put your savings in a bank, you lose money, because the interest rate is obvously less than 25%

What most people do when they want to save money is buy dollars

You also lose money that way, but experienced argentines know that once our future crisis arrives and our currency devalues, those who saved in dollars will find themselves able of buying a lot of stuff cheaply.

Unfortunately, my populist leftist gov is not letting people buy all the dollars they want, they want people to use their pesos buying stuff, and not saving them.

So, I have three options, either invest my money into some business or actions, buy dollars more expensive in the illegal market, or buy gold.

Could gold go up if Greece leaves the Euro? perhaps there will be doubts about the future of the Euro and a big flow of people and companies going to gold for safety?


You can also use this thread to discuss the future of the Euro and the EU, I allow you.

[giblets]

Do you have any other options for foreign currencies? Canadian dollars?

[Barnabas]

The gov does not let me buy any foreign currency, they have a computer program that supposedly knows my income and how much I spend on credit card and services (electricity, water, gas etc) and that program tells me how much foreign currency I am allowed to buy.
It is all bull****.

[kittenOFchaos]

If you're allowed to buy gold, buy gold.

[Barnabas]

Land is ridiculously expensive, we have some of the best farmlands in the world along with the Mississippi valley, and many people invest in land and properties because inflation makes you lose money if you put your savings in a bank.

Another option I read is investing in trusts.

When I wrote actions above I meant stocks btw

[Zoetstofzoetje]

Oanda.com lets you exchange currency online, I use it for everything. You pay 25 dollars per transaction and you get the forex exchange very close to market price. This makes sense if you exchange at least the equivalent of 1500+ dollars.

Essentially you transfer the pesos to Oanda.com in pesos as a wire, and from there you can send the dollars/whatever to any other bank account in your name in any country, or in a relative´s name.

Buying stock is not a bad idea, because no matter how much money devaluates, your % property of a company will remain that % at the latest float. Just make sure you distribute it across sectors. Stay away from European ETFs, they are synthetic garbage, and will produce the next market crash.

And yes, gold will go up if Greece leaves the Eurozone. It has been going down fast recently however. Not sure if an investment in gold is a good idea in the long run, prices are inflated due to market shenanigans (when you buy gold on the stock market you don´t actually buy it)

[Zoetstofzoetje]

OMG

[Kuciwalker]

Are you allowed to buy foreign financial assets? If so, you could do something like open a Vanguard account and invest in a stock or bond index.

[Dinner]

I'd find a foreign investment fund if you're allowed if not put your money in a suit case, drive to Uruguay or Chile, and open an account there so you can get out from under your governments absurd restrictions.

[Barnabas]

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If that is Argentine peso vs U$D, that chart can misguide you.
The inflation rate is much higher than the yearly devaluation we have been having since 2007, so, buying dollars has been getting cheaper and cheaper until they decided to put the controls I mentioned before a few months ago. Salaries have been beating inflation by a big margin.
What in other countries is done normally, by having little inflation and letting the currency revalue, here the govs does it by devaluating 10%, having 22% inflation with 25% increase in salaries (decided by unions)

What we do is bad, because nowadays, Brasil, if it needs to devaluate, they can do it with no problem because they have little inflation. If we need to devaluate, it is a big problem, because we have 25% inflation, and the devaluation can send it even higher.
Yes, nothing makes sense.

[Barnabas]

I'd find a foreign investment fund if you're allowed if not put your money in a suit case, drive to Uruguay or Chile, and open an account there so you can get out from under your governments absurd restrictions.

they have dogs trained into detecting dollars at the fronteers

[MrFun]

Mask the scent of your packed dollars with vaginal fluid.

[giblets]

Buy gold, put it in a suitcase, drive to Uruguay and sell it for cash?

[Steven Smith]

I agree with you that the government doesn't let me buy any foreign currency, they have a computer program
that supposedly knows my income and how much I spend on credit card and services and that program tells me how
much foreign currency I am allowed to buy.

[Dinner]

Silver has a much higher potential for upside than gold which is already pretty high. Is there any way you can start on online business which people pay for your goods or services in US dollars instead of Argentina Pesos? You could base the business any where and due to the currency controls it sounds like outside Argentina would be better. Maybe set up an online business and base it on a server in Uruguay or something.