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janieco

Any safe place for sterling ???

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I am currently living in Oz and plan to return to the U.K. in June 2012

 

I have put my Oz dollars in to Sterling and have it in an off shore account with

 

Commonwealth Bank. Given the global banking problems, I asked the bank how

 

safe was the money and basically ITS NOT !!!! APPEARS ITS ALL CARE NO

 

RESPONSIBILITY Where can I put this money and know it wont dissapear/be frozen

 

etc. Is my only option to but it back to Oz dollars with a government guarantee????:unsure::unsure::unsure:

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Guest SupportPants
I am currently living in Oz and plan to return to the U.K. in June 2012

 

I have put my Oz dollars in to Sterling and have it in an off shore account with

 

Commonwealth Bank. Given the global banking problems, I asked the bank how

 

safe was the money and basically ITS NOT !!!! APPEARS ITS ALL CARE NO

 

RESPONSIBILITY Where can I put this money and know it wont dissapear/be frozen

 

etc. Is my only option to but it back to Oz dollars with a government guarantee????:unsure::unsure::unsure:

 

 

Any account that isn't 'offshore' falls under the UK government guarantee scheme.

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Why did you exchange it so soon? Are you planning on spending it before you get back?


Best Newcomer 2013-14.

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You can probably open UK accounts online and transfer the money into those if it's already in Sterling

 

If it's UK then anything up to 85K GBP is protected. Some accounts will want you to be a UK resident but I don't think all of them do - shop around via uk comparison sites like moneysupermarket.com

 

Or take a chance on the Commonwealth not going pop. I doubt they would, too big to be allowed to fail

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Possibly the UK accounts may be the best option. How about gold? All the smart money is going into gold at the moment.


Family of five now with our one son living in the UK

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How about gold? All the smart money is going into gold at the moment.

 

Is it? I don't think so. What the popular Sunday press tells you about what the "smart money" might be doing is unlikely to be the case :wink:

 

Like any other commodity, the price of gold is extremely volatile and tough to predict - so the absolute last thing it is, is a safe and secure home for a fixed sum of capital. Just because it's on a long bull run doesn't mean that is guranteed, far from it; ask people who stuck money in tech stocks in 1999 or in UK housing in 2007. Not saying it's going to crash, if I knew the answer to that I'd be shorting it like crazy and retiring on the proceeds. It just means that it ain't a safe haven

 

Investing in gold is something for the very brave, clued up and well capitalised - the sort of people who'd think nothing of sticking 5 figure bets on horseraces. It's not something for us small fry to even think of if we are trying to protect a limited stock of capital as part of a relocation

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Is it? I don't think so. What the popular Sunday press tells you about what the "smart money" might be doing is unlikely to be the case :wink:

 

With the price of precious metals such as gold going through the roof at the moment and companies such as 'case for gold' in the UK and even some over here sprouting up all the time, someone is sure putting their money in gold. For the long term to ride out the economical troubles, bricks and mortar is where our money is and will always be.


Family of five now with our one son living in the UK

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Gold price has *gone* through the roof. That doesn't mean it will continue to do so. At some point, like all volatile commodities, it will peak (for now) and probably come back down sharply when it does

 

The question is, when? Much wiser and richer people than us (or alternatively people with bigger cojones) make - and lose - a lot of money betting on that

 

It ain't a safe haven for the small guy who wants to keep his capital intact, that is one thing that is very much certain

 

http://en.wikipedia.org/wiki/File:Gold_price_in_USD.png

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companies such as 'case for gold' in the UK and even some over here sprouting up all the time, someone is sure putting their money in gold.

On the contrary, businesses like these represent people selling their gold assets and realising them. The ones who are making the money there are the sharp operators who offer a good 20% or so below the market rate for the small quantities of gold people send them, and selling them on for much closer to their real market value when they aggregate the small bits of Au into a decent quantity. Nice margin if you can get it

 

For the long term to ride out the economical troubles, bricks and mortar is where our money is and will always be.

Very sensible - but there's no such thing as a completely risk free investment. Ultimately the value of everything is set by the markets and you can't buck that. Even cash under the mattress is at risk from both inflation and currency devaluation

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On the contrary, businesses like these represent people selling their gold assets and realising them. The ones who are making the money there are the sharp operators who offer a good 20% or so below the market rate for the small quantities of gold people send them, and selling them on for much closer to their real market value when they aggregate the small bits of Au into a decent quantity. Nice margin if you can get it

 

That was the point that someone is making money out of it all. Like always it is not the little man, but the bigger companies.


Family of five now with our one son living in the UK

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