The only think I would say is that defaults and currency depreciation is not the same thing, you cant ignore further deleveraging, or US companies or individuals selling foreign assets because they need the "cash" , this kind of thing is dollar supportive. You got a taste of it this year.

As a gold investor you should be hoping that gold rises against all currencies and just isnt an Anti dollar play. If Gold is just an anti dollar play then as I'm in the Euro area I shouldnt be invested in gold?

If people like Schiff have made an error its assuiming the global economy decoupling from the US, at the moment I'd say this isnt happening. It will be interesting to follow demand for commodities during 09