Yes and not the US dollar. The problem with primary trading and reserve currencies is they result in a one way dependency on that currency. All other currencies can fail in themselves and not hit Greenback. Since commodity markets are linked via the US dollar (every commodity is traded in it. Oil, Gold, Milk, sugar, Silver etc.). If it fails, they also naturally collapse in price. Even if people dive into gold, which ups the price, gold can’t be traded out in any other currency bar the US dollar. It works for every other currency bar USD. If USD tanks, everyone tanks.