US$ is going up, also because the rest of the world's prospects look even worse. All currencies are dropping against the US$ because it is seen as the most resiliant (it really helps when all commodities are based in your dollar). Once all the global players realized they were in NO way decoupled from the US - they let out a collective "oh $h!t", and have tanked as well.
Our recent quick drop, as mentioned above, is b/c of the recent Canadian Fed lowering of interest rates - raising the worry amongst market players that the spread between our rates and the US will grow - which is valid if you prescribe by the generality that Canada lags the US.
US got us in this mess, and they can get us out - on the backs of the emerging countries like China.
... and as for Gold. As US$ rises, gold will fall - as the US$ provides a better investment option. As commodities rise, gold should also rise as a hedge against inflation. This is why we saw a blip upwards in gold when oil also blipped. But regardless, yes, everything is f-ed.
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