To this point in 2011, the two have been well correlated. Most recently however, USD has made a new high while GSR has failed to do so. Anyone viewing the GSR as irrelevant at this time is simply not paying attention. GSR must rise to meet Uncle Buck for the bear case to really kick in. Or put another way, if it does so, then the bulls are in deep doo doo as the USD's deflationary case will be confirmed - for the near term at least.