The following are some notes from Don Coxe's weekly call to his institutional followers:

* With dollar and gold both moving up last week this is a sign of something significant happening with how people are starting to view currencies.

* While gold did not have a large large move up it looked like it was breaking down but then rallied. Chartists would view this as a significant move. Believes gold will test new highs before too long.

* Dollar is strong not because of its inherant value but because of the weakness in the yen and euro

*If you're buying gold to protect against inflation you are taking a longer term view

* The implications for other commodities are good - getting stronger by the weak - good alternatives in commodities

* "Gold and dollar story may be part of a much bigger story and one that does not have a happy ending."