It's a little of both. Speculators (including the Fed) are short dollars and long commodities. I think it's only a matter of time before they think they've milked that one enough and the dollar goes up, commodities down. That's why a sold a good portion of my physical gold a couple of weeks ago.
I'm looking a floating rate funds now.
It’s all the Fed. Speculators do not drive prices. They only discover them. Money is itself a commodity and obeys the laws of supply and demand just like any other commodity. When the Fed stops expanding the money supply commodity prices come down.