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Hi,
I am living in an Asian country where a 25% probability is predicted for a sovereign default within next year. I have most of my saving in long term money deposits in bank. I guess the money value will go down in an event if a default.
Govt. Has put restrictions in taking money out of the country or converting to a foreign currency.
What are my best options to safeguard my wealth? Should I invest in real estate? Should I buy gold ?
Your suggestions are welcome.
Both are good hedges against monetary fluctuations; I guess a lot depends upon the real estate market in the country where you live.
If this type of thing happens on a semi-regular basis, once things ease up, you might want to consider some off-shore investments.
There are real examples in countries with severe inflation the real estate market plummeted too.
Gold is probably your only safe hedge.
Does your bank have international branches? If so, you can travel to a different country, and withdraw or transfer the funds there. 😉
Gold or silver are usually pretty solid investments and can be traded for virtually any currency in the world should it be necessary.
I second setting up banking in another country if possible. You could cash out the metal investments to there if needed as well.