The U.S. dollar has been under tremendous pressure recently as the Fed pledges to keep interest rates near historic lows for an extended period. Now analysts say the eventual hike might not be enough to establish a bottom as the government floods the market with bonds amid double-digit unemployment.

According to Bloomberg, Standard Chartered analyst Callum Henderson said, "History tells us the dollar shouldn't start rising on a sustained basis until 12 months after the Fed starts to lift rates." He continued to explain that dollar weakness will persist until U.S. interest rates exceed those of competing nations.

Negative dollar sentiment is music to the ears of precious metals investors, and equity traders are sending mining shares soaring to start the week. The Canadian Mining Stocks Index is shooting higher by 4% for the session with some individual winners gaining 5% or more.

Silver players Silvercorp Metals (NYSE: SVM - News) and Silver Wheaton (NYSE: SLW - News) are among the segment's top performers, up by more than 5.5%. Meanwhile, Gammon Gold (NYSE: GRS - News) and Kinross Gold (NYSE: KGC - News) are leading Canadian gold miners with more than 4% runs.

Barrick Gold (NYSE: ABX - News) and Goldcorp (NYSE: GG - News), the two largest components of the Gold and Silver Stocks Index, are both ahead by over 2% to start the week. The stocks remained the most popular gold plays among Pro investors. As of the most recent 13F filings, which were due earlier this month, 95 Pros counted Barrick among their top-15, U.S.-listed equity holdings.

Toronto-based Crystallex International (AMEX: KRY - News), whose primary gold processing operations are in Venezuela, is the top-performing Canadian mining stock over the last month, up by a 60%. IAMGOLD (NYSE: IAG - News) and Silvercorp are also up by more than 40% for the period.

As of this writing, the Canadian Mining Stocks Index is one of the top-5 performing tickerspy Indexes over the last month, up by 12.7%. Should the dollar's weakness continue, the sector could see additional upside. However, if the Street disagrees with the Standard Chartered forecast, an eventual rate hike could lead to a big correction in dollar hedges like gold and oil.

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