In yesterday’s A-Letter, I gave you a few quick stock investor tips for trading currencies. But in the wake of the whole Bear Stearns mess over the weekend, you may be considering switching over to my favorite market all the more now.

Gold just hit US$1,000 an ounce, oil is at US$111 per barrel now. Gasoline futures just rose to an all-time high, even though the “summer driving season” hasn’t hit yet.  I don’t even want to think about how much we’ll be paying for gas this summer.

The Nikkei busted through the 13,000 level and plummeted over 430 points. The Dow has plunged over 100 points so far and can’t seem to hold the 12,000 level.

As you probably know, interest rates drive currencies. Money tends to flow towards high-yielding countries, and away from low-yielding currencies. So when central bankers announce rate decisions, currency traders are right there, waiting for the latest results.

And last week was nothing but rate announcements.

For starters, Australia was the one major economy that dared to raise interest rates in this market. That puts the Aussies in a class of their own right now.

There’s a lot to be said for watching other investors’ mistakes to learn what you should avoid in your own personal portfolio. I mean, why lose money on mistakes when someone else already did it for you?

Are you one of thousands of Americans who thinks the dollar drop doesn’t really affect you?

It’s no secret that Iran (and really Russia too) hates our guts here in the United States.

So I guess it’s also not a huge shocker that Iran “conveniently” decided to open up the first Oil, Gas and Petrochemical trading bourse on earth which will trade in “non-U.S. dollar” currencies.