From: Thomas mountain (thomascmountain@yahoo.com)
Date: Sun Sep 20 2009 - 09:04:41 EDT
Why should anyone consider investing their hard earned savings in Eritrea? To start with, Eritrean banks still pay 3% on savings accounts. A certificate of deposit (CD) at the Housing and Commercial Bank of Eritrea still pays 5.25% on a six month CD. Compare this with a standard savings account in the USA which pays .15% these days, with a CD paying something like .2% for a year?The bottom line is if you have $10,000 in an Eritrean savings account you earn $300 for the year versus $15 dollars in an USA bank? Your Eritrean CD would earn you $525 for the year versus about $20 for a CD in the USA? If you are residing outside of Eritrea you can withdraw your money from your savings account with out any restrictions at anytime. As for the IRS? Maybe the less said about this the better...And if you are willing to gamble a little with your money consider investing in Nevsun, of the Bisha gold mine fame (NSU) on the New York Stock Exchange. Last year Nevsun
was trading somewhere around 28 cents a share. When we left for the USA in early August Nevsun was trading at about $1.50 a share. When I finally got to the stock broker a week later Nevsun had risen to $1.60. When I managed to get my order placed the next day Nevsun's stock had already jumped to $1.75. The last time I checked Nevsun was at $2.05.Once upon a time Nevsun was trading at over $12 a share. With the dollar getting weaker by the day, and gold at over $1000 an ounce Nevsun's future is only going up. What with almost a million ounces of gold to be extracted from the Bisha mine by late 2013 with production costs estimated at $230 an ounce and with the Government of Eritrea investing $60+ in the Bisha Mine buying Nevsun stock seems like about as low risk as you will find on the stock market.So maybe, just maybe, investing in the motherland is good business. Selam and rain for Eritrea,Thomas C. Mountain
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