As Peter Schiff has mentioned hundreds of times, the best way to hedge against US dollar inflation, is to invest in multinational companies that is traded in the US stock market.
By multinational companies, he means companies who are well positioned in the emerging markets and that generates revenue from foreign industries, rather than from the US itself.
This way, you don't have to deal with exchange rates/fees and at the same time, invest in emerging markets if USD does collapse.
One way to see it is, if the USD does collapse, and there is high inflation, US stock price will be inflated as well, unless the company you invested in only operates in the US...then it may be a different story....because the possibility of those US companies 'growing' during an inflation, may be well limited.