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hugo_danner
Joined: 21 Jun 2006
Location: korea
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 Posted: Thu Aug 16, 2007 9:07 pm Post subject: Dump Your Won For Now! |
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The won has dropped from about W925 to W955 overnight. That's about a 4% drop in one day. The FED an it's trading partners have been defending the $ level at 80. But due to the unwinding of the Japanese carry trade and Hedge Fund liquidity debacle, massive liquidity selloffs are happening all over the world.
It looks like there is no let up in the selling world wide. Asian markets are down another 2% or more. The DOW had a bad sell off of 300 but rallied to cover most of that, but I think that CB's are not on top of this situation. There is true panic in articles that I read about the ongoing world credit meltdown that is outrunning the CB efforts to stop the mess.
It looks like, unless the Dow rallies tomorrow. this mess has a great deal of selling to go onmaybe for weeks on end. And a huge total drop and many financial bankruptcies--at the very least. The entire world stock bull is being challenged right now!!!! In a week we may know if it is going to be an historic world financial crash or not. Things are developing very rapidly and confidence is nil.
Stay liquid or buy silver/gold. But even that will probably drop in the interum as people liquidate the PM's they have to make equity payments. Buy Yen or American $. |
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Richard Krainium
Joined: 12 Jan 2006
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| Posted: Thu Aug 16, 2007 9:19 pm Post subject: |
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| Quote: |
| Buy Yen or American $. |
Are you sure? I would think Euro's...
But yea, some serious shakin' is going down... |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Thu Aug 16, 2007 9:23 pm Post subject: |
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There has been talk on several forums and papers of a 14% correction.
There has been talk on several forums and papers of it not being as serious as it's made out to be.
The has been talk on several forums and papers of it being the end of the world.
up and down up and down up and down.
Been doing it for two weeks. I've watch 8% loss on some of my holdings one day to a 2% gain the next.
Sit tight and wait for the ride to stop. I ain't planning on selling anything off. |
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hugo_danner
Joined: 21 Jun 2006
Location: korea
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| Posted: Thu Aug 16, 2007 9:34 pm Post subject: |
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| mrsquirrel wrote: |
There has been talk on several forums and papers of a 14% correction.
There has been talk on several forums and papers of it not being as serious as it's made out to be.
The has been talk on several forums and papers of it being the end of the world.
up and down up and down up and down.
Been doing it for two weeks. I've watch 8% loss on some of my holdings one day to a 2% gain the next.
Sit tight and wait for the ride to stop. I ain't planning on selling anything off. |
Good luck! It's going to be more than 14%. I remember friends in 1997, sitting on money for the same reasons you said. They lost thousands of $ as the Won went from about W950 to W2000 in a matter of 2 months. They also fled the country like rats leaving a sinking ship. |
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duns0014
Joined: 11 Jun 2007
Location: Ilsan
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| Posted: Thu Aug 16, 2007 10:09 pm Post subject: |
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| Where can I buy gold or silver here at fair prices? |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Thu Aug 16, 2007 10:34 pm Post subject: |
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| hugo_danner wrote: |
| mrsquirrel wrote: |
There has been talk on several forums and papers of a 14% correction.
There has been talk on several forums and papers of it not being as serious as it's made out to be.
The has been talk on several forums and papers of it being the end of the world.
up and down up and down up and down.
Been doing it for two weeks. I've watch 8% loss on some of my holdings one day to a 2% gain the next.
Sit tight and wait for the ride to stop. I ain't planning on selling anything off. |
Good luck! It's going to be more than 14%. I remember friends in 1997, sitting on money for the same reasons you said. They lost thousands of $ as the Won went from about W950 to W2000 in a matter of 2 months. They also fled the country like rats leaving a sinking ship. |
Future mate 10 years isn't a long time to sit and wait.
If shares in some of the financial groups in the UK keep heading down I will be buying them more of them up soon. Give it another couple of months and see if they get any lower. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Thu Aug 16, 2007 11:30 pm Post subject: |
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| I think everything will drop. The question is which currency will drop the most? |
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hugo_danner
Joined: 21 Jun 2006
Location: korea
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| Posted: Thu Aug 16, 2007 11:45 pm Post subject: |
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| duns0014 wrote: |
| Where can I buy gold or silver here at fair prices? |
There are a few dealers in Insa-dong in Seoul. The ones who get out the calculator to see what the current price is. Vs the ones who just give you a fixed price. Today, I went to a jewelers I usually deal with. He wanted W850,000 for a 37.5 gram "gold money" (geum don) square (bar). I laughed at him and started to walk out.
Right now, gold is about US$20.90/gram ($650/ounce). At his prices, I would have paid W22,670/gram. Not worth it. I told him I would pay W21,000/gram and got him down to W800,000 (or W21,300/gram).
You can also buy online from places like Kitco.com, Apmex.com. They are large enough to be reliable, but only take credit cards. |
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Fresh Prince
Joined: 05 Dec 2006
Location: The glorious nation of Korea
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| Posted: Fri Aug 17, 2007 12:41 am Post subject: |
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| Thanks for the heads-up OP. It's kind of scary how fast the Won lost value for those of us that have debt denominated in another currency. |
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Dysupes
Joined: 24 May 2005
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| Posted: Fri Aug 17, 2007 12:43 am Post subject: |
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Just so you know, the report I read today said that things like gold were already dropping and were one of the first things to drop. So either buy it all up now as the price will drop and hope it jumps right back up or steer clear for a while. I don't know, I'm not an economist.  |
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bosintang
Joined: 01 Dec 2003
Location: In the pot with the rest of the mutts
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| Posted: Fri Aug 17, 2007 12:46 am Post subject: |
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I'm coming near the end of my contract and will be getting a big payout soon. I'm a bit worried about this, considering I just lost 4% of my earnings.
I really hope there isn't a currency crisis in the next three weeks.
*Knock on wood* |
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tigerbluekitty
Joined: 19 Apr 2007
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| Posted: Fri Aug 17, 2007 2:23 am Post subject: |
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I can't help but think if our thread about Japan making Korea look so unsophisticated caused investors to lose confidence in Korea. It'd be funny if it did. 
Anyway, if the won continues to fall, I may have to get out of this country. |
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The_Conservative
Joined: 15 Mar 2007
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| Posted: Fri Aug 17, 2007 2:40 am Post subject: |
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| tigerbluekitty wrote: |
I can't help but think if our thread about Japan making Korea look so unsophisticated caused investors to lose confidence in Korea. It'd be funny if it did.
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I'm fairly sure the big investors in this country don't take their market cues from Dave's.
I doubt they even know it exists. If we account for all the socks and trolls on this board...there's maybe about a hundred regular posters or so.
It's not that important really...
[/i] |
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tigerbluekitty
Joined: 19 Apr 2007
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| Posted: Fri Aug 17, 2007 2:55 am Post subject: |
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| The_Conservative wrote: |
| tigerbluekitty wrote: |
I can't help but think if our thread about Japan making Korea look so unsophisticated caused investors to lose confidence in Korea. It'd be funny if it did.
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I'm fairly sure the big investors in this country don't take their market cues from Dave's.
I doubt they even know it exists. If we account for all the socks and trolls on this board...there's maybe about a hundred regular posters or so.
It's not that important really...
[/i] |
Any type of information, opinions, views made public are fair game. You never know who's lurking these boards. Investors don't always make their decisions based solely on company reports. There could be some who look to inside sources to try to predict where the market is headed. |
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samd
Joined: 03 Jan 2007
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| Posted: Fri Aug 17, 2007 3:33 am Post subject: |
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Another armchair expert.
You sound like you know enough about how the whole thing works to know that no one has any idea what currencies are going to do next.
Why try to panic people? |
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