Disclosure: I am long [[GLD]] via options. One must also keep in mind that during times of economic boom inflation can often run at higher levels, but gold will not be sought as an investment, since stocks and other asset classes will be better performers. In very basic supply & demand economic theory one would expect no change in the EUR/USD exchange rate, and hence, if that was the currency pair one used to determine the value of the USD, they would say it was just as strong as it was yesterday.