Gold Rallies As The U.S. Dollar Plummets (GLD, UUP)

The SPDR Gold Shares ETF

are trading higher by $3.03 to $134.57. The GLD is nearing a new all time high this morning as the the U.S. Dollar Index makes new multi-month lows. There will be short term intra-day resistance for the GLD around the $135.00 level. However, should the U.S. Dollar Index continue to decline then the stock market and gold could trade higher. Silver, copper, and most other commodities are all soaring higher along with gold this morning as the U.S. Dollar Index continues to decline. Right now everything in the stock market is inflating as the Federal Reserve continues to devalue the U.S. Dollar. The PowerShares US Dollar Index

is down 1%, or $0.23, to $21.91.