Yes, investors clearly are dumping risky investments for less-risky investments, including cash. However, the U.S. dollar, the global reserve currency, is looking more shaky due to the huge debt and trade/budget deficits of the U.S. The Fed erred in keeping interest rates too low for too long and investors paid for it with the NASDAQ crash of 2000-2002, and the subsequent real estate bubble which is now beginning to deflate. The so-called "commodity bubble" (including energy) is different. It is supply/demand driven. We're approaching peak oil, peak copper, peak clean water, etc., due to the expanding world population and the rapidly advancing economies in China and India. Ultimately, I believe there will be a U.S. dollar crash but it may be years away. In the meantime, it may be wise to keep some gold on hand. I suspect that peak oil will just exacerbate and accelerate the dollar crash since it will stifle the U.S. economy. Expect severe stag-flation.

On 5/7 the June US dollar futures contract opened at the 84.90 level. I just checked the latest price (as of 7:30 PM on 5/22) and its at 84.33. That represents a total decline of 0.7%. I would hardly describe that as "plummeting". It's true that the dollar has been very weak since January, but the point is that it has held up pretty well during the vicious decline in the markets over the past 2 weeks. In fact, the dollar is up nearly 1% during the past week.