Depends on what gold will go up against. If the US$ drops against most other currencies due to a flight of money out of the US, then gold will be up in US$. That might actually mean gold is down against the A$.
We are probably witnessing the demise of the US$ as a quasi-standard for international exchange. More and more transactions are in the currency of the buying country. This is actually good for the US because their manufactured products have become uncompetitive outside the US. Don't know why they are trying to prop up the US$ - I guess it's a stability and anti-panic play and a prestige thing, but it's definitely tied in with Bush's push to invade Iraq and subsequently achieve control of oil pricing. OPEC is getting way too uppity for Bush's oil industry lobby and the administration.
