I just came across this recommendation while browsing GalleonFX’s website, and I thought those of you who are interested in joining GalleonFX may wish to read it. I think the recommendation is a good idea. The US dollar’s could potentially deteriorate some more this year, so one way to take advantage of this is to open up a GalleonFX managed forex account denominated in EURO or YEN. In addition to your trading gains the value of your account will go up relative to the US dollar.
Quote from GalleonFX:
Clients taking advantage of our new JPY trading account have seen the Yen appreciated against the USD almost 10% in the last month now, and almost 20% over the last few months. This is a nice bonus for those that use the USD, as these percentages are in addition to trading returns when converted back to USD in th end.
We still highly recommend EUR and JPY accounts over USD trading accounts.
We still believe JPY is one of the the strongest currencies and will continue to invest our own money in our JPY trading accounts. We spend our USD as soon as possible and save our own Euros and Yen as we expect the USD to continue to exponentially crash over this year. As the US Dollar continues to weaken it buys less so spending them sooner than later will buy you more stuff.
Diversifying in these currencies will likely continue to bring additional gains this year on top of normal trading activity gains.
It is also a good idea to be buying physical silver on a monthly basis from local coin dealers. 90% silver US coins pre-1965 in the form of silver dimes and quarters are the best and can usually bought close to silver spot price. With silver already at $20/oz now, I would not be surprised to see it near $30 by the end of the year as the current economic meltdown continues.