View Full Version : Dinar....now Dong
Swoop737
06-02-2007, 09:35 AM
I finally broke down and bought a few million Dong yesterday. Now I'm investing in Dinar and Dong....am I nuts??????
I don't know much about investing in Dong...what is the "rumor" about the speculated reval of the Dong?
Looks like I'll have one more forum to check in with when I log on. Take care everyone!
DinarDuane
06-02-2007, 10:16 AM
None of the "rumors" make any sense to me (just as ludicrous as those about dinar). The facts, however, look very promising for a reval fairly soon.
They are way ahead of Iraq in every mannor, and already fully established with the IMF, WTO, World Bank, etc. Their economic growth is thru the roof. In no small part due to the cheap labor at 16,000VND:1USD. It's at a point now where they need to import enough materials and equipment, that the ultra low rate is crippling to their continued growth.
Many are expecting it to go to $.05-.06, but I serously doubt that -- They still need their labor to be below everyone else, and I can't see the VND being valued higher than Taiwan's currency! Taiwan is at about $.03 (33:1USD).
I could see it apporoach $.01, but even that is a large jump (percentage wise anyway) from where they're at currently, but their numbers support it, and in the scheme of things, it really isn't enough to throw their economy out of whack. They'd have more buying power (for imports), but their manufacturing cost would be higher (for exports). But no so much as to make a drastic impact on either. Not like the USD or any other major currency going up 160x it's current rate.
They wish to be competitive with Taiwan and Thailand who's rates are 0.03.
Just quietly, I'd be ecstatic with 0.01
.50cent
06-02-2007, 10:19 AM
from what I have read the speculation is from.005-.04 cents. which would give you $5,000-$40,000 per million. not bad. I personally think the dong is going to go first.
from what I have read the speculation is from.005-.04 cents. which would give you $5,000-$40,000 per million. not bad. I personally think the dong is going to go first.
Me too, and I'd be seriously cashing out at 0.04 !
cooldolphins
06-02-2007, 10:32 AM
Yes, if the dong goes up first, I'd cash that out, but here's the thing...there's so much talk about our declining dollar....I know that I need dollars to shop at my favorite place, TARGET, and to buy vehicles, pay my bills, etc. Is anyone else planning on trading your currency in for something other than DOLLARS??? HELP ME WITH THAT LOGIC, IF YOU ARE.
Adster
06-02-2007, 10:42 AM
Agreed, it appears they have all their eggs in the basket way ahead of Iraq and should reval before the dinar, which am sure will suit most 'dong holders'. :lmao:
DinarDuane
06-02-2007, 11:03 AM
Yes, if the dong goes up first, I'd cash that out, but here's the thing...there's so much talk about our declining dollar....I know that I need dollars to shop at my favorite place, TARGET, and to buy vehicles, pay my bills, etc. Is anyone else planning on trading your currency in for something other than DOLLARS??? HELP ME WITH THAT LOGIC, IF YOU ARE.
Holding in stonger currencies may pay off over time, but if you're going to spend it (at Target and the car lot) it makes no difference.
doobiedude
06-02-2007, 01:10 PM
Yes, if the dong goes up first, I'd cash that out, but here's the thing...there's so much talk about our declining dollar....I know that I need dollars to shop at my favorite place, TARGET, and to buy vehicles, pay my bills, etc. Is anyone else planning on trading your currency in for something other than DOLLARS??? HELP ME WITH THAT LOGIC, IF YOU ARE.
I plan on opening an offshore account and will convert the Dong into Euros and will get the corresponding Euro based Visa card that I will use to make purchases in the USA. The purchases will automatically be converted at the time of use so it will minimize my exposure to the USD at any one time. Of course I will need to pay capital gains taxes on the amount I convert and spend in the USA to satisfy the IRS. Converting the Dong to Euros will not result in a capital gains tax at that time. Most offshore Visa accounts are reported to the IRS so I have no problem paying the taxes. The USD is headed down the crapper and will die into oblivion someday as there is nothing to back it up except foreign oil sales which are changing to the Euro and dumping the USD. I am a patriot but I never confuse patriotism with sound economic decisions. :huge:
Cyberkhan
06-02-2007, 01:18 PM
I plan on opening an offshore account and will convert the Dong into Euros and will get the corresponding Euro based Visa card that I will use to make purchases in the USA. The purchases will automatically be converted at the time of use so it will minimize my exposure to the USD at any one time. Of course I will need to pay capital gains taxes on the amount I convert and spend in the USA to satisfy the IRS. Converting the Dong to Euros will not result in a capital gains tax at that time. Most offshore Visa accounts are reported to the IRS so I have no problem paying the taxes. The USD is headed down the crapper and will die into oblivion someday as there is nothing to back it up except foreign oil sales which are changing to the Euro and dumping the USD. I am a patriot but I never confuse patriotism with sound economic decisions. :huge:
Any benefits that you might have enjoyed from doing this are going to be eaten away by the conversion rate by the credit card ocmpany.
BTW the dollar isn't going to just die.....just wait, it will come back up. A holding in foriegn currency is a good idea for right now but remember that the dollar could and probably will rebound.
doobiedude
06-02-2007, 01:37 PM
Any benefits that you might have enjoyed from doing this are going to be eaten away by the conversion rate by the credit card ocmpany.
BTW the dollar isn't going to just die.....just wait, it will come back up. A holding in foriegn currency is a good idea for right now but remember that the dollar could and probably will rebound.
The conversion rate will be miniscule compared to the tax savings. I have labored over the probability of the USD recovering and I can't for the life of me come up with one thing that the USA has that can back up the ridiculous volume of currency that is printed by the Fed and in circulation. Unless we exploit the huge caches of oil in Alaska and our coastlines or discover incredible amounts of rare metals/minerals in the USA to back up our currency...it will surely become as worthless as Russian currency. I don't like the concept of the Amero but it could happen as well. Maybe we will steal all of the oil, gas and water in Iraq to solve the problem... the neutron bomb could help attain that scenario.
jimbo
06-02-2007, 01:37 PM
IMO:
I have always believe that the US dollar is being held on by a thread. And that the reason the US is spending our children inheritance is because they know it is going to collapse. Therefore they will be trying to convince the American, Canada, and Mexico that we will need to change to the "AMERO"
Grizzly Bear
06-02-2007, 03:39 PM
Here's some food for thought on the dollar. A weaker dollar doesn't signify a collapse in the currency. The defecit isn't the soul indicator here either. When you have an economy that is still showing sustained growth, the weaker dollar makes US goods and Service more competitive on the world market. This in turn leads to more US jobs, business's and exports. This leads to more growth in the economy. It would be the oposite of what China has done to us by intentionally devaluing their currency. After an RV you may want to cash in your dongs and dinars for some good old dollars in the long haul. This is not as simple as laid out but I tried to frame for your consideration.
mike032588
06-02-2007, 04:01 PM
How do you open up a bank account and trade stock... i am really intrested ANY help would be greatly appreciated...
TheDesigner
06-02-2007, 04:09 PM
what is the best place to buy a Dong ?
Sponson
06-02-2007, 04:19 PM
None of the "rumors" make any sense to me (just as ludicrous as those about dinar). The facts, however, look very promising for a reval fairly soon.
They are way ahead of Iraq in every mannor, and already fully established with the IMF, WTO, World Bank, etc. Their economic growth is thru the roof. In no small part due to the cheap labor at 16,000VND:1USD. It's at a point now where they need to import enough materials and equipment, that the ultra low rate is crippling to their continued growth.
Many are expecting it to go to $.05-.06, but I serously doubt that -- They still need their labor to be below everyone else, and I can't see the VND being valued higher than Taiwan's currency! Taiwan is at about $.03 (33:1USD).
I could see it apporoach $.01, but even that is a large jump (percentage wise anyway) from where they're at currently, but their numbers support it, and in the scheme of things, it really isn't enough to throw their economy out of whack. They'd have more buying power (for imports), but their manufacturing cost would be higher (for exports). But no so much as to make a drastic impact on either. Not like the USD or any other major currency going up 160x it's current rate.
Good synopsis DD!
:)
what is the best place to buy a Dong ?
LMAO!...:lmao:
How do you open up a bank account and trade stock... i am really intrested ANY help would be greatly appreciated...
Google Vietnamese banks and contact them directly for foreign account info (it's similar to Warka procedures for foreigners according to Chaka I think)...
cooldolphins
06-02-2007, 07:15 PM
Thanks to all for the responses to my question about the dollar deal. I don't have much di na r so cashing most in and perhaps keeping some in din ar will be the wisest thing for me. I think I will exchange enough in for dollars to pay off all debt and to have some in the bank to live on, then who knows.:D
what is the best place to buy a Dong ?
Club X ?? :)
Seriously, depends on how much you want etc... ebay is fine just be certain of the postage... blown if I know why it costs $15 to send 10 notes and a parcel turns up with $2.75 postage on it...
shevaub
06-03-2007, 03:38 AM
How do you open up a bank account and trade stock... i am really intrested ANY help would be greatly appreciated...
HSBC Vietnam good for you, i think so, good luck
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