The value of gold and silver are on the rise, but this spells trouble for the declining dollar index which could push as low as 66 points, according to Chris Zwermann, strategist from Zwermann Financial.

Spot gold ran to a record high above $1,090 per ounce on Wednesday, latching on to a weaker dollar with continued support from the IMF's sale of gold to India's central bank.

Crude oil has replaced the dollar as the new reserve currency, according to Kevin Kerr, president & chief trading officer for Kerr Trading International.

The International Energy Agency will "substantially" downgrade its long-term oil demand forecast in its annual energy outlook next week, the second cut in a row, the Wall Street Journal reported on Wednesday.

The International Monetary Fund said on Monday it sold 200 tons of gold to the Reserve Bank of India for $6.7 billion, quietly executing half of a long-planned bullion sale that had threatened to slow gold's rally.

Denbury Resources  has agreed to buy Encore Acquisition for $3.2 billion to create one of North America's largest oil production and exploration companies.

A man in eastern China has been given a 9-year jail term for buying and selling over 58 billion yuan ($8.5 billion) worth of fraudulent gold futures, state media said on Thursday.

The price of gold could be in the middle of a major turnaround and could be heading lower, toward $1,015 per troy ounce and possibly $980, Chris Zwermann, global strategist from Zwermann Financial told CNBC Thursday.

Gold Reserve said Tuesday that Venezuela had seized control of its Brisas gold property, deepening a dispute between the miner and Hugo Chavez's government and pulling the company's shares down 13 percent.

Oil prices are expected to continue its upward trend, but trading will be volatile, CEO of Brazilian oil giant Petrobras, Jose Sergio Gabrielli de Azevedo, told CNBC.

Most investors follow the same strategy of borrowing in dollars and investing in assets across the world and when the greenback's downward trend will reverse, there may be a crash in global assets, Nouriel Roubini, Chairman, RGE Monitor, told CNBC Monday.

The global economy will take on a "swooshed-shaped" recovery, according to  Paul Donovan, managing director and deputy head of global economics at UBS.

Russia plans to sell as much as 50 tons of gold this year to help plug a budget deficit in the first major bullion sale by its precious metals repository since the fall of the Soviet Union, a high level source told Reuters.

The U.S. dollar could go into freefall and capitulate if policies that the government has put in place start to fail and if the deficit starts to grow, said Scott Redler, chief strategic officer at T3LIVE.com.

Freeport-McMoRan Copper & Gold said Wednesday that third-quarter profit soared, trouncing Wall Street expectations as the mining company benefited from higher metal prices and cost savings.