It's hard for a commodity bull like me to admit but I've been saying that (cyclically speaking), most hard assets will be under pressure. Not because of a return to a strong dollar policy from the Fed or an imminent increase in their supply but because the global recession/slowdown is curbing demand. The US dollar needs the rest of the world's central bankers to cut rates soon in order to continue its levitation act. But the long term trend of all currencies--especially the US dollar--will be down when measured against commodities.