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Should You Dump Your Dollars?

The dollar surprised everyone in 2005 by rallying just when it appeared to be doomed. But the rally peaked quickly in November. Since then, the dollar has gone nowhere, trading in a narrow range. That suggests it’s getting ready to resume its major trend downward.

Here are three ways to protect yourself when the dollar heads south again:

1. Short the dollar.

Until recently, shorting a currency took a lot of skill and some fairly deep pockets. Now, mutual funds like ProFunds’ Falling U.S. Dollar (FDPSX) fund and Rydex’s Weakening Dollar (RYWBX) fund enable you to profit from a decline in the U.S. dollar.

2. Invest in foreign-bond funds.

As the dollar declines, investors around the world will pull their money out of U.S. Treasuries and put them into foreign bonds … which will appreciate in value while still paying a nice dividend.

3. Buy gold.

Gold loves a falling dollar, and it’s in the middle of a long-term bull run anyway. The easiest way to invest in gold is to buy shares of the GLD exchange-traded fund (ETF).

I’m not interested in playing short-term trends. And I’m not asking you to get in and out of the market every couple of months. When currencies begin to trend up or down, they typically do so for a long time, and the U.S. dollar is no exception. This is a great opportunity to sock up to 5 percent of your savings into an investment that should be good for at least the next 10-12 months. (Even longer, when it comes to gold.)

[Ed. Note: Andrew Gordon, ETR’s financial expert, is the editor of our new investment service, The Wealth Advantage. Join now and you’ll get a free special report on three companies that have the very real potential of giving you up to 1,000 percent on your investment.]