The silver lining here is that just as dollar weakness tends to coincide with worldwide currency weakness, dollar strength frequently occurs in concert with the reflation of foreign currencies.

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And with the Paulson Treasury absent when it comes to defending the greenback, no one should be surprised by the resumption of dollar weakness, particularly compared with gold.

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With the Fed probably behind-the-curve (as shown by dollar weakness), Treasury issues will take a back seat for financial markets until inflation and interest rates are resolved.

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Both the strength of the dollar and the weakness of commodity prices have more to do with economic weakness abroad, particularly in Asia, than with any new era in America.

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He said if gold stops trading in tandem with the stock market and instead looks to the recent weakness of the U.S. dollar versus the euro, then that might benefit gold.

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Loosening an already-accommodative policy helps gold several ways, starting with weakness in the U.S. dollar that in turn tends to support gold and other commodities.

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Because of the weakness of the Canadian dollar, clashes also loom with Canada on lumber and wheat.

ECONOMIST: Creeping protection

The focus once again has been on the country's massive trade and budget deficits, with predictions of more dollar weakness to come.

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Central banks were still selling gold heavily in the new millennium, but with Fed and Treasury policy decidedly moving in a different direction in favor of dollar weakness, gold spiked alongside all commodities and another cheap dollar era began.

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