The dollar is dead, only awaits burial

It is only fitting on a day where the price of gold hit a new, nominal high that I should discuss the last days of the US dollar as a "reserve currency". An ounce of gold is what it is: the world's oldest and most widely-accepted money. It can never increase (or decrease) in value. Instead, it is the pseudo-money, the paper "fiat currencies" which are currently all plunging steadily downward in value -- with no currency able to keep up with the collapse of the US dollar.

Concurrent with the new nominal high for gold, the big 'news' of the day was a pair of news articles about global oil trade. One article out of London claims that a 'secret' agreement is being reached between Middle East oil-producers and the rising "BRIC" economies to work to exclude the US dollar in the future trade of crude oil -- phasing it out steadily over a 9-year period.