TF ... there's always the chance of that-- and I'm saying that because we're seeing gold trailing (somewhat poorly) the PoO so any reversal in crude could increase the buying power of the USD. Which would be bad for the bugs-- and me, since I'm bullish.
That said, oil has outperformed the PoG by about 65% in the last 200-days. The gold/oil ratio is the lowest we've seen since late 2000 (7.5) It actually fell to 9.7 during the first gulf war and we're at 7.98 after today’s close. I reckon the 15-year average for the ratio is closer to 16 so gold as a commodity could very well double if the supply/demand fundamentals still hold true for crude oil prices.
But then, we're not playing gold as a commodity right...?
The only fly in the proverbial ointment is that when currencies begin to trend, they trend longer then anyone would dare to imagine. Unfortunately, the downtrend in the USD is still somewhat flaccid-- but we're closer, much closer to the precipice then my optimistic mind would have ever imagined.
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