Hard Assets vs. the Dollar
在金@zaijin338191
+1.6%
since Sep 30
The idea
I believe growing deficits will quietly erode the dollar's purchasing power over the next decade, so I want ownership in things that can't be printed. This basket spreads across five layers of real assets: energy producers and pipelines, gold and the royalty companies tied to it, industrial metals miners, farmland and timberland, and infrastructure with long inflation-linked contracts. No single commodity carries the bet, positions stay broad rather than concentrated, and I keep a small cash reserve to add on dips while holding through the cycle for years.
What it owns
- Oil, gas, and pipeline fees are priced in dollars, so a weaker dollar lifts their value, while long-term contracts protect cash flow from currency shifts. · ExxonMobilIt owns oil and gas reserves priced in dollars that appreciate as the dollar weakens, and sells energy the world needs regardless of currency strength., Enterprise Products PartnersIt collects steady pipeline fees on infrastructure already built, with contracts that typically adjust for inflation as costs rise and the dollar erodes., Williams CompaniesIt operates the natural gas pipelines that carry a major share of US supply, irreplaceable infrastructure with fees that protect value against currency erosion., Cheniere EnergyIt sells US natural gas to foreign buyers, so a weaker dollar strengthens their purchasing power for US energy and supports export volume and contract value., EnbridgeIt operates a continent-wide network of oil and gas pipelines with long contracts, irreplaceable physical assets with fees that track inflation.24%
- Gold cannot be printed and tends to hold purchasing power when currency weakens, making it a direct hedge against dollar erosion. · SPDR Gold SharesIt tracks gold directly, the purest physical asset that cannot be printed and preserves purchasing power as currencies weaken., Franco-NevadaIt collects gold revenue through royalty agreements without bearing mining costs, capturing upside from rising gold prices as a dollar hedge., Wheaton Precious MetalsIt buys future gold and silver output at fixed prices, so margin expands directly when dollar weakness pushes precious metals higher., Royal GoldIt collects royalties from a diversified set of mines different from other royalty positions, spreading gold exposure across multiple producers.23%
- Copper and iron ore are scarce physical inputs priced globally in dollars, so their value rises as the dollar weakens and industrial demand persists. · Freeport-McMoRanIt produces copper, one of the world's largest, so gains when dollar weakness lifts metal prices and global demand for electrification stays strong., BHP GroupIt mines copper, iron ore, and other metals globally, spreading exposure across multiple commodities that gain value as the dollar weakens., Southern CopperIt sits on some of the world's largest copper reserves at low cost, so stays profitable when prices dip and gains most when dollar weakness lifts them., Rio TintoIt mines iron ore and copper priced in dollars globally, so earnings rise directly as currency weakness pushes commodity prices higher.19%
- Towers, ports, warehouses, and utilities with inflation-linked contracts turn currency erosion into rising rental income over time. · Brookfield Infrastructure PartnersIt owns global ports, pipelines, and utilities with inflation-linked contracts that automatically reset higher as dollar purchasing power declines., PrologisIt owns warehouses in essential trade corridors whose rents reset with inflation, turning currency erosion into rising property income., American TowerIt owns cell towers with built-in rent escalators that carriers must use for decades, letting it capture inflation as the dollar weakens.16%
- Land that produces food and wood is a finite real asset whose value and rental income tend to rise with inflation as currency loses purchasing power. · WeyerhaeuserIt owns millions of acres of timberland that grow more valuable wood each year, a finite real asset that holds purchasing power through dollar erosion., RayonierIt owns timberland directly rather than operating a timber business, so gains track real land appreciation against dollar erosion over time., Gladstone LandIt owns farms and collects rent from farmers, giving direct farmland ownership with income that typically rises as dollar erosion pushes land values and rents higher.12%
- Cash6%