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Morgan Motsepe

Currency Safe Havens - Global Recession

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Do we still prefer the US Dollar, the Japanese Yen and the Swiss Franc as safe havens for the upcoming Global Recession, as we did in the Global Financial Crisis?

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Personally I diversified a little bit into Bitcoin and physical gold.

 

Not sure how to get US dollars without a US bank account (rephrase, to get a US Bank account as a foreigner, it appears I will need to fly to America to open one up.)

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You can't go wrong with Gold. "Gold is God's Money". I had bitcoin but sold it all last year.

 

You don't need to open an account in the USA to own US Dollars. You can go to any of our South African Banks and open a Foreign Currency Account ( except Capitec Bank ).

Check out this link: https://www.fnb.co.za/forex/non-resident/foreign-currency-accounts.html

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3 hours ago, Platinum Wealth said:

 

Not sure how to get US dollars without a US bank account (rephrase, to get a US Bank account as a foreigner, it appears I will need to fly to America to open one up.)

 

An alternative would be to buy the FirstRand US Dollar Custodian Certificates ETF (DCCUSD).

 

As far as I understand it, it buys US treasury bonds in Dollars and settles them (as well as the interest) in Rands, so you get the full effect of the fluctuation in the exchange rate on all your money plus the additional interest on bonds, making it slightly more lucrative than investing in the actual dollar.There is an article on it on JustOneLap:

 

https://justonelap.com/etf-understanding-dccusd/

 

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