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Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
With gold prices falling for the 10 consecutive day to sit near five-year lows, it's not terribly hard to see the pressure it's under.
But it's not just that's collapsed—copper and oil have followed suit, with crude renewing its slide back below $50 a barrel as a strong dollar casts "a pall against all commodities," according to Dennis Gartman, author of The Gartman Letter.
"Throw into the pot a circumstance where Chinese growth is less than optimal ... and you have the makings of a protracted bear market in commodities," Gartman told CNBC's "Closing Bell."
In one year the dollar has strengthened about 20 percent against a basket of currencies.
"Right now they're acting in concert, one to another, the dollar being the large implication," he said.
Though Gartman has seen commodities move in tandem with equity prices in the past, he said he's also seen them move in contravention and without relation as well, causing him to stop short of predicting any spillover effect with equities.
I would hesitate to make the leap saying that commodities are telling us that the world is going into the dinger and equities are going to sell off, " he said. "I think they are two completely different classes."
While the stronger dollar may be a drag on commodities, its not all bad according to Index Financial Partner's Jack Bouroudjian.
"Everything we hear about a strong dollar seems to be negative, you know there are good things about king dollar being back," he said, also on "Closing Bell." "It's messy, it's ugly, but it's all part of the [normalization] process."