There is a guy on tv who says he is "long of gold in euros." I think he's talking about two positions; Long gold Long Euro So he started out: 1 dollar 0 euro 0 gold and then: 1 euro/dollar 1 gold But what's also missing from this picture? His liabilites, which are also in dollars. Let's set his liabilities (his future expenses) for the next ten years to -1: A more accurate picture looks like this: 1 euro/dollar 1 gold/dollar In effect, his liabilities are all in dollars, so he is doubly short the dollar. He went from flat vs. dollar (not long) to doubly short the dollar. Of course, this amounts to nothing more than "you are always short the currency of your liabilities," and most of our liabilites are future expenses denominated in our national currency. However, I've never really thought about it that way . . . usually you think "If I have a $1, I am long the dollar." But actually you're short ALL OF YOUR FUTURE LIABILITIES. So most of the time we are actually massively short the dollar (if living in the US). (All of this assumes no future earnings or income, of course).