Indeed, Nouriel Roubini says that commodity prices have risen largely because of the huge carry trade in dollars, and that - when the carry trade unwinds - there will be a huge crash in virtually all asset classes. And see Tyler Durden's thoughts.
Again, I am bullish on gold in the long-term, but I think there might be a large correction in the short run when the dollar rises.
And contrary to what some people think, I agree with Roubini: the dollar will rally sizably at some point in the not-too-distant future (just like it did during the credit crunch last year), before crashing rather definitively.
Update: Gold and the dollar both rose yesterday, but the rise in gold is being attributed to India's purchase of 200 metric tons of gold.
Author's Note: I am not an investment advisor and this should not be taken as investment advice.