For The Love Of Port

Today was the first time in years that the Great British Pound dropped below the $1.80 mark ... even if just for a few hours. The Euro is just below $1.46 and has not been below $1.45 in several months. It would be great for all of us heading to Portugal and the UK thereafter, if those currencies weakened ... even just temporarily, so we could have more fun wine shopping!

What do you think? Will there be further deterioration of the Euro and Pound or will the dollar go back to its doldrums?

I do hope the Pound keeps dropping....at least for another 5 weeks or so. It seems to be dropping fast lastely and I'm sure it's wishful thinking, but I'd love for the Pound to get down to around 1.50. If that happens, I'll need to pick up a second shipper in the UK to fill up with Port . Wonder where it will bottom out at?

The pound has been over-valued, but so has the euro. On the other hand, the alarmingly casual attitude by the US govt to further money creation has worried those who have traditionally put their faith in the greenback.

For there to be spending parity, the pound needs to trade at around $1.40 - given the broad similarities between the two economies, there is no pressing reason why this should not occur...

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Evidence of the smart money getting out of the wine market is mounting - Christies are about to run a two day sale devoted entirely to the 2000 Bordeaux vintage (all wines in bond) and Sothebys are also offering a major single vendor sale this month.

So far, there has been no major offering of port.

The scale of these sales looks certain to overwhelm a trade that is seeing reduced sales at the top end of the market; what is not certain is whether or not the late-coming foolish investors will pick up the slack..

Tom

I saw early this morning that it was down to 1.78 Pound to the dollar. Figures I like to see

On the Euro front I was surprised to find out not too long ago that many EU countries didn't like Portugal being part of it due to their poor economy. I'm curious to see what happens in the Douro (and all of Portugal) now that the economy is taking a hit and a most likely reduction in EU money loaned to the poorer countries for infastructure building and repair. And as well as workers...Portugal is losing a lot of young people to other countries where work opportunities are far better. I'm sure the poor unskilled field workers won't be far behind (and something that has happened before in the Douro). Even in the US this year there has been a noticable lack of unskilled farm workers (mostly immigrant Hispanic) as they are no longer able to find work. Many are returning to their native countries where they can at least find some kind of work to support their families. Despite what our president says, I don't think this poor economy will recover anytime soon. I think we are in for a much longer haul that what he says.

uncle tom wrote: Evidence of the smart money getting out of the wine market is mounting - Christies are about to run a two day sale devoted entirely to the 2000 Bordeaux vintage (all wines in bond) and Sothebys are also offering a major single vendor sale this month.

So far, there has been no major offering of port.

The scale of these sales looks certain to overwhelm a trade that is seeing reduced sales at the top end of the market; what is not certain is whether or not the late-coming foolish investors will pick up the slack..

Tom

this doesn't surprise me. I'm seeing the same thing here with high end wines hitting the auction markets. Not too much Port here either, then again, most of these collectors don't buy a ton of it either. And since top end dry wines seem to go up in price much faster than VP's do, its obvious that is the item to sell to get a quick influx of cash and recoop an investment. I'm sure there will be some deals on VP in the near future...possible just after the holidays when the Port market is its slowest anyways.

Despite what our president says, I don't think this poor economy will recover anytime soon. I think we are in for a much longer haul that what he says.

It worries me that you even bother to pay ANY attention to what stuff leaves his mouth.

The Euro is now under 1.45!

Roy Hersh wrote:

Despite what our president says, I don't think this poor economy will recover anytime soon. I think we are in for a much longer haul that what he says.

It worries me that you even bother to pay ANY attention to what stuff leaves his mouth.

He is the president, so I gotta at least hear what he says...I didn't say actually listened to it

Roy Hersh wrote:The Euro is now under 1.45!

Do I get a refund

Pound is down to 1.75 this morning

Andy Velebil wrote:Pound is down to 1.75 this morning

WOW - 5 weeks ago I was getting $1.92 - it looks like both of us scheduled our trips at the right time

Come on baby, keep going down

Andy Velebil wrote:Come on baby, keep going down

Are you sure you are on the right forum, Andy? :devil:

I have 230 Euros in my pocket right now that I acquired on my last 2 trips to Dublin... at $1.58 and $1.55. :? I figured I'd just hang onto them as I'm sure I'll need some in Portugal in 2 weeks, but at this rate I'm going to have significantly overpaid!

If the British pound reaches 1.25 CDN , I'll definitely attend and attend an Xmas offline

Luc Gauthier wrote:If the British pound reaches 1.25 CDN , I'll definitely attend and attend an Xmas offline

...and you would be very welcome to join us

Luc Gauthier wrote:If the British pound reaches 1.25 CDN , I'll definitely attend and attend an Xmas offline

Luc, wake up... you are dreaming again!!!

The Euro is now down below 1.40! Hip hip hooray!