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Question of the Day: Do you think you could pass a driver's licence test without any preparation?
The ZAR Exchange Rate Thread
- Thread starter Robin Hood
- Start date
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Agreed. I just bought some USD today. I don't think the Rand will get below R14 until the results are in from the credit ratings agencies later this year, and the chances of it bouncing above R15 again are always high.
akescpt
Honorary Master
pardon the noob question but what do you mean by buying dollars? what instrument are you referring to?
Very likely true.
The large funds however tend to move into assets real early and started moving into dollars based on expectation of several rate increases. As the no of expected increases lessens they move more into high yielding high risk markets like SA.
When it Brexit made it a given and the Rand had its "reaction spike" they took the opportunity to buy.
Sorry, I meant US Dollars, as in the currency.
Pho3nix
The Legend
I'd bet against that IF our government doesn't screw us over.
Albeit last time we were on 14.35 we got screwed..
Pitbull
Verboten
Rather curious here as to the advice: buy dollars...
Why would you buy dollars and not gold? That's just stupid IMHO. Gold would give you a double whammy if the rand crashes again.
Why would you buy dollars and not gold? That's just stupid IMHO. Gold would give you a double whammy if the rand crashes again.
NarrowBandFtw
Honorary Master
Rather curious here as to the advice: buy dollars...
Why would you buy dollars and not gold? That's just stupid IMHO. Gold would give you a double whammy if the rand crashes again.
Well the one is actively hyped up while the other is actively suppressed, that's the only reason I can think of. Besides that I agree with you 100%: if you want to hedge against a currency problem, hedge against all fiat currencies.
akescpt
Honorary Master
i thought to get foreign exchange i needed to have travel docs. can i buy on OST directly?
Pho3nix
The Legend
FNB Global Account is an option. Or trade forex and become poor :twisted:
NarrowBandFtw
Honorary Master
ftfy, also an offshore account will of course hold your balance in their chosen currencies e.g. https://revolut.com/
Pho3nix
The Legend
I use the FNB Global Account facility linked to my normal FNB account like pho3nix suggested is an option. Note the SARB discretionary limit per year applies though
Rather curious here as to the advice: buy dollars...
Why would you buy dollars and not gold? That's just stupid IMHO. Gold would give you a double whammy if the rand crashes again.
Far easier for me just to transfer from one account into the other than to go and mess around with Gold futures/ETFs, bla bla bla
NarrowBandFtw
Honorary Master
Far easier for me just to transfer from one account into the other than to go and mess around with Gold futures/ETFs, bla bla bla
https://www.bitgold.com/ has made buying gold just as easy
Thanks for the link, will check it out!
Pitbull
Verboten
Subject to a R 3 200 exclusion similar to foreign dividents I think.
Its only gambling if you're not prepared. A professional card counter is not gambling when he plays as his skills have turned the odds in his favour. He won't win every hand but if he controls his risk the odds will work themselves out.
The bucketshop brokers who advertise Forex (or any trading) as "get rich quick" are very much to blame for this. You don't learn to do this in a few months any more than you learn to be any engineer that quickly.
Takes years to learn and even then its "get rich slowly".
TysonRoux
Honorary Master
I have a good few GBP in my HSBC account that I need to move to the US between now and the end of the year - should I wait for things to stabilise or transfer now?
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