Considering the upcoming QE2 and possible adoption by the US senate of a bill designating China as a currency manipulator it might increase the actual currency war to the point where the perception about world economy will become negative . Seems to me 2010 last quarter could witness a negative impact on commodities .

Leaving gold as the only gainer .

Add to this the upcoming elections in the US that could result in further division i would expect an increase in the rethoric against China from the US gov. forcing the president to eventualy take action against them .

The upcoming G20 summit appears to be of the upmost importance in reducing tensions on the currency front but so far it's heading in the wrong direction . The division between emerging economies and the industrualised ones are rapidly increasing , it seems impossible at this point to think about coordinating efforts in managing the world economies .