If you’re hurting for a little cash, why not think about hedging the falling dollar with exchange traded funds (ETFs)? We’re certain it would get you into a lot less trouble than, say, trying to open a bank account with a $1 million bill.
The Associated Press reports that a man not so up on the available currencies strolled into a South Carolina bank requesting an account. He then produced the aforementioned bill, which has never been printed. At least not legitimately. If you’re curious, the largest bill ever created was the $100,000. But don’t try to open a bank account with one of those, either: there were only six printed, and they all reside at the Smithsonian.
Consider currency ETFs next time. It’s a better way to generate some cash, and you’ll sleep better at night if only because you won’t be worrying if the police are going to come pounding on your door. A sampling of what’s available:
- CurrencyShares Australian Dollar Trust (FXA), up 17.47% year-to-date
- CurrencyShares British Pound Sterling Trust (FXB), up 8.72% year-to-date
- CurrencyShares Canadian Dollar Trust (FXC), up 20.89% year-to-date
- PowerShares DB G10 Currency Harvest (DBV), up 9.6% year-to-date
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.