Opinion on the direction of the dollar has been volleyed back into the bearish court, and don’t worry: there’s an exchange traded fund (ETF) for that.
Jim Rogers, chairman of Rogers Holdings, spoke up on Monday and said in no uncertain terms that investors should avoid the dollar "at all costs." He’s putting his money where his mouth is (money presumably not denominated in greenbacks) and last October, said he planned to shift all of his assets out of the dollar.
The dollar has lost 7.6% against the euro and 5.1% against the euro this year, reports Zhang Shidong for Bloomberg.
Rogers’ statement was a reversal from May 8, when he said the dollar was poised to have a rally, simply because of bearish sentiment. On May 14, he recommended that investors use the rally as a chance to buy the Japanese yen and Swiss franc.
But now, the best investments, he says, are commodities and natural resources. Rogers is someone to pay attention to: back in April 2006, he predicted oil would reach $100 a barrel and gold would hit $1,000 an ounce.
Yesterday, Morgan Stanley said the dollar’s decline was in its final moments.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. 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.