foreign currency as long term savings

Discussion in 'Forex' started by fyrdwite, Dec 20, 2006.

  1. fyrdwite


    Dear Elite Traders,

    I am not a big shot, not a big trader, and not looking to get rich.

    However, I have lost a lot of my faith in the American dollar. What I am wanting to do is to buy foreign currency as a form of 'diversifying' my savings.

    I figure that the Euro and the Yuan will both grow in value at least as fast as a plain old savings account would.

    I would very much appreciate any advice you can give on this matter.

    Is simply buying foreign currency the 'wrong way' to do this? Should I instead be buying foreign mutual funds or foreign savings accounts? How can that be done?

    Thank you for any help you can provide.