Milton Keynes, England -- (SBWIRE) -- 12/06/2010 -- Author: Laura Miller. Advisers should tell clients to get their money out of the pound before the currency collapses, urges a former City broker.
Millionaire speculator Vince Stanzione says after the tragic decline of the Greek economy, analysts are looking to see which currency is next in line to fall, and the pound is "the ugliest of an ugly bunch".
Speaking from his house in Spain, Stanzione says: "If you're an adviser start telling your clients not to have all their investments in pounds.
"The pound is in trouble. It hasn't been in great shape for a while. The dollar is not great, the Euro is not great, but the pound is still the weakest, the ugliest of an ugly bunch."
Stanzione, who lost his fortune in the 1987 stock market crash but regained it by investing in mobile phones and financial services, will lead a Global Financial Trading conference in London next month, alongside Swiss contrarian investor Dr Marc Faber, and George Soros' former business partner, billionaire Jim Rogers.
He says UK advisers who believe their clients' money is fine because the pound is a perennially-safe currency are mistaken, and they need to diversify.
"Most advisers are still not putting money into harder assets. I'm not saying move everything but diversify into currencies from commodity producing countries and you will at least be investing into something based on tangibles."
The UK has sold all of its valuable assets, leaving very little to invest in, he says.
"BP, for example, used to be state-owned. Now Britain doesn't own a single share in BP. All it has is debt."
For Stanzione the logic is simply get out of what is weak and buy into what is strong.
"Look at what the strong countries are doing," he says. "The Canadian dollar is strong because the country engaged in sensible lending and has a lot of natural resources.
"Also Norway, as the Norwegian government owns 67% of oil company Statoil, and Brazil, where the Brazilian government owns 55.7% of state-oil business Petrobras' common shares with voting rights."
The Global Trading Day seminar will be held on 19 March in Westminster, central London.
Vince Stanzione is a self made multi-millionaire based in Europe. Started at a junior at the age of 16 for Nat West Foreign Exchange in London he worked his way up in before leaving to start up his company. He has been involved in various companies including mobile communications, premium rate telephony, Interactive gaming, publishing and television and financial trading. He now lives most of the year between Spain and Monaco and trades his own funds mainly in currencies and commodities. As well as trading he also teaches a small number of students and produced the best selling course on Financial Spread Betting. He is also the author of “How to Stop Existing & Start Living” To find out more go to http://www.fintrader.net