Gold futures have rallied this morning, adding as much as 2% to crawl atop $740 an ounce as the dollar dropped to a new all-time low against the euro. The dollar's plunge helped push the malleable metal to levels not seen since 1980 ($744 an ounce in intraday trading). The euro breached the $1.40 mark for the first time ever by rising to $1.4052 from yesterday's reading of $1.3971. The dollar also slipped against the Japanese yen and the British pound (which has had its own rough patch lately thanks to concerns about the U.K. banking system).

In a research note quoted on MarketWatch, director Mark O'Byrne noted, most commodities are now at inflation-adjusted all-time record highs, and given increasing uncertainty regarding the health of the U.S. economy and the U.S. [dollar], it seems extremely likely that gold will challenge the inflation-adjusted high of $2,400 in the next 5 years. Other metals were also higher, as were indices that track gold and silver. The CBOE Gold Index was nearly 3.5% higher, the AMEX Gold BUGS Index was more than 4% higher, and the STREETTRACKS Gold Trust (GLS) was 2% higher at last check.