I love this site and this is my first post.
A relative of mine is what you would call an unsophisticated investor and there have been many occasions where that person has bought and sold stuff at the wrong time - a real killer of wealth accumulation huh?!
For the past 3 years that person has been buying dollars from the local post office as they have been sinking in value always believing that it will go back up in value.
I recently found out how much was spent and I was quite shocked and the average price that is was purchased it is now more than 20% lower! (A few thousand)
Average when bought 1 UK pound -> 1.8 USD and now the post office will exchange back for 2.058 (!!)
After reading up on views of people on the long term vitality of dollar and being described as 'toast' by one guy I want to cut their losses and get them out of the position.
Whats the best places for rates and anything I need to keep in mind please?
I have never done anything with currency before and the only reason I am looking into this now is I want to get that person out with least pain possible.
Thanks.