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I often see this phrase. I know it encompasses US treasuries, money markets, and FRNs. However, does this term also include US corporate debt, US equities, and ADRs or anything else traded on the US markets?
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Stocks are not dollar denominated assets. They are assets that have value related to the capital and equity in the company. The NYSE has Canadian and other stocks on it from other countries. For example, Yamana gold mining comany. Its stock is probably $12 CDN on the Toronto stock exchange while it is $10 on the NYSE. The currency conversion is 1.2:1 . You exchange your US dollar for an equity share of the company. If the US dollar goes down then the stock will still be $12 CDN but will likely cost $11 USD because the USD went down 9% in value.
As for Bonds, Treausries, CD's, Life insurance policies, their value are based on what they pay back in US dollars. If you own them then "you're in US dollars". Say you buy a 1-year treasury at $100 today and today bread also costs $2/loaf. Then in 12 months a loaf of bread may costs $4. When the gov't pays you back your $100 it can only buy half as much bread. Therefore, your treasury is worth half as much in one year from now. Similar goes for the amount the CD or life insurance or pension fund promises you to repay you in the future. If you own Yamana gold shares, in one year it could take $20 USD to buy that equity share. You can sell that share and go buy 5 loafs of bread in one year. Just as today you can buy 5 loafs of bread with one share at $10 USD today.
Gold and Silver are similar to owning equity shares. If may cost $1000 USD/oz or $1200 CDN/oz to buy gold. (or $14/oz USD for silver). In one year the gold could still cost $1200 CDN/oz or it may cost $2000 USD/oz. You can sell your gold and get back twice as many US dollars in one year. But, it will take twice as many dollars in one year to buy the same stuff today... so assets like gold are a way to lock in your purchasing power of today's money because gov't can't create / counterfit gold.
Keep in mind, gold and equity shares in companies are all susceptible to change in value when compared to the value of US dollars. Prices don't only move up or only move down. Prices swing up/down.