I live in a country that experiences yearly currency devaluations and high inflation. I'm trying to save up funds to meet immigration requirements, and I need the money to be liquid and accessible for the last 6 months before applying.
For the past 3 months, I've been saving my monthly salary in my bank account without touching it. Initially, I considered buying gold for six months, then selling it and keeping the cash in the bank for the remaining 6 months in order to meet the six-month balance history requirement. However, this feels counterproductive since the gold would just turn into cash for the last 6 months, defeating the purpose of using gold as a hedge against devaluation.
Now I'm thinking about purchasing savings certificates for a full year. These certificates last three years, but I can withdraw the original principal after six months. If I time it right, I could have them at least six months old when I apply, making them "liquid" and hence can be withdrawn at any time.
It's also worth noting that buying foreign currency is not an option due to restrictions in my country.
What do you think is the better approach: buying gold or savings certificates? I'm open to other suggestions as well. Any advice would be greatly appreciated, thanks.
For the past 3 months, I've been saving my monthly salary in my bank account without touching it. Initially, I considered buying gold for six months, then selling it and keeping the cash in the bank for the remaining 6 months in order to meet the six-month balance history requirement. However, this feels counterproductive since the gold would just turn into cash for the last 6 months, defeating the purpose of using gold as a hedge against devaluation.
Now I'm thinking about purchasing savings certificates for a full year. These certificates last three years, but I can withdraw the original principal after six months. If I time it right, I could have them at least six months old when I apply, making them "liquid" and hence can be withdrawn at any time.
It's also worth noting that buying foreign currency is not an option due to restrictions in my country.
What do you think is the better approach: buying gold or savings certificates? I'm open to other suggestions as well. Any advice would be greatly appreciated, thanks.