"The dollar is doomed (as is most other fiat currency), therefore it doesn’t matter if stocks go up or down."

The writer seems to agree that the dollar is doomed as currency yet is unaware of the relationship between gold and the dollar.

All the people who are buying gold now are going to lose 50-80% of their money.

That being said, gold is up 33% compared to global markets, is still “not in a bubble,” says renowned investor Marc Faber.
Gold is “an insurance against systematic failure and problems in the financial markets,”

People are not the main drivers in the uptrend. The world’s Central Banks are.

However, government bonds are not all that central banks are buying. Many are buying gold.
Colombia increased its gold holdings by 2.3 tons in July, along with Thailand, Russia, and South Korea.
Romania looks to do the same soon, too. Along those lines, Venezuela’s own central bank is scheduled
to take physical hold of its gold which will be released from its current holder: the Bank of England

Governments around the world are buying insurance (gold) against the very thing the writer mentions (The collapse of paper money.)

I would agree with the writer that FEAR is driving the price of gold and for the reasons mentioned in his statement.

"Monopoly money might be our next currency, since most every household already has a pile of the stuff 
shoved somewhere in the kids closet. But hang onto the dollar if you don’t mind paying a couple thousand 
of them for your next loaf of bread."

Taking the worlds monetary situation into consideration, we are simply seeing a flight from paper money
into another vehicle deemed safer which is gold.

Should the world’s situation change (US deficit reduction, EURO countries on a better footing)
market forces will improve to the point that paper money will not need insurance.

With the wide open printing of money to pay for debts, I don't see that happening any time soon.
You cannot print GOLD and therefore its value increases every time Bernanke changes the cartridge
on the printing machine. QE1 and QE2 didn’t work. QE3 is not going to work either.

We may have to “Bart”er for a loaf of bread!  LOL

 Joann L