Dollar slumps to $2,463 (closing price) - Exchange rate at $2,506

poco says on Mar 12, 2009, 13:57:

Quote: Why is this important? let´s say you want to invest 100K dollars in Real Estate like a previous member wrote, that´s a $12,700,000 loss in just one week, that´s the price of an extra Parking Space.
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Hummmm, does this mean a stronger peso (against the dollar) for the next,,, 3 years?



It is only likely,, but not assured the dollar buys LESS pesos in the next year. There is a chance the dollar will go to 3000,, but that does seems less likely.

Someone buying a property for say 100,000 dollars last year,, could,, today,,, purchase the same property for 70,000.

but

If you are looking to purchase,, and maybe not sell for a long period of time,, owning good real estate is the only way a person will protect his assets in the long run.

Owning a Condo,, apartment, or other common units/land is the LEAST desireable investment. For sure,, unless you just don't need or care about money,, pay cash. Then,, who cares about the short term market.

Colombian Chickens are crowing about the new President of the U.S. who will assure that From each according to their ability to each according to their need.

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ColombiaBoard says on Mar 12, 2009, 14:19:

What you say is true.

But if someone was in the process of buying real estate during this month and they thought "I´ll wait until next week because the peso will surely go down", well, they made the wrong choice. Now they have to pay more in US dollars to buy the same property. They have to pay about US$5,000 more.

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poco says on Mar 12, 2009, 14:32:

Quote: But if someone was in the process of buying real estate during this month.
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That is exactly correct,, I saw the 2,600 number and exchanged,, I leave ATM cards in Colombia, and had some construction work I was planning to do,, and it was cheaper,,,,

I believe a Colombian, living in the U.S. would be well advised to make an investment near a city like Medellin,, IF THEY HAVE FAMILY,, to take care of the property.

The only reason I don't spend any significant money in Colombia is Chavez,, the guy is a nut case, has armed himself to the teeth and could do almost anything. I sure don't want to think about getting out of Colombia, not even for a few years if I had an investment that was the same as worthless.

Colombian Chickens are crowing about the new President of the U.S. who will assure that From each according to their ability to each according to their need.

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judgeschmails says on Mar 12, 2009, 15:09:

I predict 1500 by the end of closing tomorrow. Or someone will predict that I am sure.

On a personal level, I have been buying pesos every opportunity at 2200 and above. But shoot,and after some careful analysis, I have concluded that I have a 50% chance of being right and a 50% chance of being wrong. As I pay bills and invest in Colombia, I hope it stays low and think there are reasons why it will (less US dollars there as the economy takes its toll). But who knows, maybe these $99 flights are flooding the market with dollars making it fall.
Either way, the dollar will not stay this high forever. We print too much money in the US. That is something I am fairly certain on.

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dirt_farmer says on Mar 12, 2009, 17:35:

It seems that the USD/COP is trading at an inverse to the stock market. It will be interesting to see if the trend holds when the market plunges again.

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judgeschmails says on Mar 12, 2009, 17:56:

I was thinking the same thing DF. I guess I prefer a strong US market. But, can't we have both!

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Brians says on Mar 13, 2009, 05:38:

It has been tracking the market for months. Flight to safety. When markets are down money turns to Treasuries and negative flows in EM currencies. My hope: The market falls but only my stocks rise:)

12VOIP.com gives free calls to Colombia. Brian

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BillBigD says on Mar 13, 2009, 06:03:

Bear market rally

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ColombiaBoard says on Mar 13, 2009, 11:42:

Today´s Closing: $2,447.50, TRM: $2,481

It keeps falling

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utopiacowboy says on Mar 13, 2009, 16:05:

Brians is right. The risk takers are out in force pushing the currencies up. For the peso 2600 is a tough level to break through on the upside.

Disclaimer: any comment I make is inane and is not to be taken seriously, and is so patently ridiculous that no one should take it seriously, even as an insult.

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Saltador says on Mar 13, 2009, 17:08:

No, it's going straight up to 3000, 3500 and beyond, remember?

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scumbuster says on Mar 14, 2009, 05:17:

It was about 2 weeks ago.. lol

Lord Acton: "Power tends to corrupt, and absolute power corrupts absolutely"

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makopp5 (☼Travelguide writer) says on Mar 14, 2009, 05:26: