Korean Job Discussion Forums

[Palladium]

I wish I'd saved my money in Yen last year. I would have loaded up on precious metals when they dropped last fall. I think the same thing will happen again, but I don't really want to hold Won.

A lot of people are saying a big crash will come this fall. If the crash does come, the Korean won will go thru a period of instability but will reset against the US$. Being a country very dependent on exports, I think the won will take a big hit like it did in 1997.

So, if you're living in Korea, what currency besides the US$ (and PM�s) would be the best (safest) to hold? If you�d have gotten in summer 2008, the yen might have been a good deal. It�s hovering about Y93/$1. The Euro seems in trouble, and even the old standby, the Swiss Franc may be in trouble because all those bad loans to Eastern European countries.

Jim Rogers says the Canadian or Aussie dollar because they have relatively low debt, lots of resources and are commodity exporters. But if the crash comes this fall, I expect commodities to fall as well.

[afsjesse]

I personally have invested a years worth of savings in Argentine Pesos and Bolivian Bolivianos.... devaluation is the best for when I make my return!

[waynehead]

If I really knew the answer to "what currencies will rise and fall?" I'd be living on a beach somewhere, not teaching.

That said I'd guess that the American economy is likely to start its rebound early next year and that will probably strengthen the dollar even more.

But your guess is as good as mine.

[Dude Ranch]

Canadian, Australian, New Zealand dollar

Norweigan Krown (maybe)


Both Canada and Norway deal with oil. I believe the price of oil will go up again (past $100 a barrell). As oil goes up, the Canadian dollar goes up (hence the nickname the Petro dollar)

Jim Rogers is a smart guy

agricultural index would be a wise move

[daniel-andersson]

Hi!

I would not try to save money here in Korea. Therefore I took an apartment without any deposite since the inflation is pretty high and who know what will happen...

You could always buy stuff. Like an old tractor will probably not decrease in value, might in fact increase! After the nuking of North Korea there will be a need of a lot of tractors... Or you can try to think of something more realistic. Dont save money in currentcies since that is to difficult to predict, invest the money in some safe market instead or funds. There will always be a need of food, candy, drugs, electricity etc. If you know which company that would rebuild the energy supply network in the US I would go for that company and put my money there. Thats a big cake which many companies wanna taste at the moment.

My few cents.

[Palladium]

I have a very heavy ammo box full of precious metals. Gold, platinum, palladium and some ASE's. I've been saving my money in Won since May. By September, I'll have about W15-20 million. I want to buy precious metal this fall, like I said, I think they will drop if the economy does tank. I want to convert my money, but am not sure which currency to keep it in.

I'm leaning Canadian or Aussie, but if there is a huge margin call this fall the Yen might be a good currency to have. As there are lots of loans on the Japanese carry trade and people will have to buy Yen to pay them. Just wondering if someone would care to comment.

[afsjesse]

[Snake Doctor]

Buy guns. Guns are great investments. American guns always increase in value. Especially assault rifles!

[JongnoGuru]

[js99]

I'd say hobbies could be a good investment.
I collect banknotes (currencies) as a hobby. According to a few sources, banknote collecting is like buying art, except it is the kind you can put in your wallet, yet the annual appreciation value could be as high as 13%.

A good example is being in South Korea and collecting Korean banknotes- there are several places in Myeongdong and a collector's stall in Insa-Dong to acquire numismatics like old Korean coins and paper money.

Right now, the most popular kind to be traded are those printed during the Japanese colonial period (a 1-yen banknote from 1911 might sell in South Korea for about 60,000-70,000 won, but you could sell it on ebay or to a banknote dealer for about $200).
Other types that are in demand are South Korean notes printed right before the Korean war (estimated at $500-600US) to about 1960, which you might find for 20,000-30,000 and sell for about $40-70.

Right now, the new 50,000 won note is selling for $70 in the US and even the new 10,000 notes are selling for $20 a piece.
So imagine, if you returned to the US (or where ever you're from) with about 300,000won in either 10,000won or 50,000won notes, you might be able to double that to about $600US by selling them to the right dealer in bulk.

[Palladium]

Nope, I don't even know where that is. I teach out in the boonies. I go weeks without seeing a foreigner.

[redaxe]

You guys are all nuts!

Basically, the money you're making now is already denominated in the badly depreciated Won, so guess what is the best currency to keep it in? Won.

That is, if you believe that the Won will eventually appreciate back to early 2008 levels again, which is anyone's guess.

But if you think the Won will slide again, start sending money back to your home country now.

It's up to you to determine what you think will happen to the Won based on the news. Like someone else said, if we knew, we would quit our jobs and lounge on the beach.

Speculating on a foreign currency is just that--speculating. Your question is kind of like "what stock should I buy?" Any answer you get on Dave's will be worthless.

[Palladium]

[Julius]