Currency accounts, day 2
Monday, September 17, 2007 by Dave Winer.
Yesterday, I asked how an ordinary American investor could hedge against weakness in the dollar. To clarify, I wasn't thinking of converting stocks or bonds, it's just a question of what currency I keep my cash in.
Anyway, this is something that a fair number of Scripting News readers know something about, and lots of great advice came back in short order. A summary follows.
1. ETFs are stocks traded on the NYSE that track various currencies.
2. HSBC and Everbank have multiple-currency accounts. But watch out for commissions every time you convert from one currency to another. They could wipe out all the gains you may have from holding assets in one currency vs another.
3. Becoming a currency trader may not actually be so hard, and you get the best rates on currency exchange.
4. Paypal lets you store value in a variety of currencies.