Weaker Dollar is hurting International Bloggers

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Posted in » Make Money, Personal - by Ades on June 1st, 2007

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Where is the days when 1 USD was 3.80 Malaysian Ringgit. Now 1 USD is about 3.40 ringgit. For full time bloggers and those who rely on internet business, weaker dollar is a disadvantage. Because you get fewer local currency when you exchange the dollar to local money.

If that is not enough, the book that I was reading “Dollar Crisis” predicts that it’s a matter of time before dollar collapses totally. It says that people are loosing confidence in US dollar, and therefore more and more people are turning their wealth into gold, silver and other precious metals. If you notice, the price of gold has been shooting up lately. That’s because all those millionaires are buying gold and as a result demand for gold is increasing, and that demand consequently increasing the gold price.

Above is the price of gold from 2000 - 2005. So it was trading at around $500/ounce in January 2006. Now after a year and five months, it’s trading at $660/ounce. That’s more than 30% increase in just 1.5 years. That makes the gold one of the best investment options.

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So if you have extra money in your bank account, you might want to turn it into “gold”. It would be more beneficial for you to keep your money as gold, than keeping it in the bank. Because “the time value of money” (a dollar today buys more than a dollar tomorrow) and inflation will affect on your savings negatively.

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7 Responses to “Weaker Dollar is hurting International Bloggers”

  1. By Kay Kastum on Jun 1, 2007

    US currency also effected my PPP income.
    Hmm..gold. Many experienced entrepreneur I heard talking about investing in Gold.
    What do you mean by ‘turning extra money into Gold?’ Just go ahead and buy gold and keep em’ in the bank until prices increases?

  2. By Steve's Tech Blog on Jun 1, 2007

    The Canadian Dollar is at $0.93-0.94, so almost the same than the US dollar. Canada is a big resource market like oil, gold ….

    Me, I want a unique currency for the world. No losing in currency exchange. For example, I sent $30USD but paid $33.50CAD. PayPal took $0.905 not $.93. The same when doing my contests. I pay in CAD not USD. If it’s a Canadian who wins, he lose less than others.

    Besides, all hearth sci-fi movies has “credit” by then. ;)

  3. By admin on Jun 1, 2007

    Yes Kay, just buy gold and keep it in the safe deposit or bank.

  4. By admin on Jun 1, 2007

    Steve in old times, they used to use gold so it was a standard-international currency. Nobody had to exchange from one currency to another, and loose in the exchange. I would definitely back gold as the currency, but then we have to buy bigger wallets to carry them ;)

  5. By Steve's Tech Blog on Jun 1, 2007

    …and the robbers won’t say: “Give me your money” but “Give me your gold”

    I would buy wallets stocks because people would change them more often :D

  6. By Community Building Blog on Jun 2, 2007

    The majority of my income is GBP (£) - when I travel my money goes a long, long way! Unfortunately Google’s insistence on paying solely in US Dollars means that part of my revenue stream does suffer.

    It’s all swings and roundabouts, though.

    - Martin Reed

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