*Trying to see if there's any type of identifiable relationship on the weekly charts over the past 3 years?>>>
***EDIT: YES A RELATIONSHIP!>>>
*Found that when oil does in fact rise unproportionately against $GOLD that the $GOLD stocks in turn get slammed. This happens because the $GOLD companies obviously use the archaic energy of oil when mining and if the cost of oil goes up against the cost of $GOLD unproportionately than the $GOLD companies' lose their margins...
*Now what I am examining technically is the fact that I believe a potential inverted head & shoulders is building itself into the $GOLD:OIL chart, I believe that the 50 weekly average will offer support to close out January and if it holds, than rebounds to close above 9.17, in other words an ounce of $GOLD will buy 9.17 barrels of oil, than we will see a breakout in the $GOLD to OIL ratio. Historically, this ratio sits at 15:1, currently it's at a very disrespectable 8.23!
Honestly, I believe the ratio should stand at a modest 10:1, and of course that might not only be modest but quite conservative. With that said, $GOLD should theoretically be at $670(+) right now, but let's visit that historical norm of 15:1, could you imagine if that were in fact true where $GOLD would be?...
Why... $GOLD would be right smack at $1,005(+) the ounce, easily a record high!... and that's exactly what I see coming!!!
Thus, I do believe that the $GOLD to OIL ratio is in fact putting in a bottom here, and while I'm not sure if the 15:1 ratio will come back or when it will come back, I do believe that $1,000(+) $GOLD is INEVITABLE!>>>
*Furthermore, the $GOLD to OIL ratio is very important, in fact look over the 3-year chart and take note of the major swings higher and how they correlated with the HUI... the worst-case scenario was the HUI trading flat!... but in most cases, the HUI gained considerably during these "swing" periods...
***CONCLUSION/THESIS***
>>>Watch for support to reign supreme at the 50 weekly average in the week or two ahead, look for a bounce to take shape after this becomes apparent, than look for a weekly close of $9.17 or greater with a bullish weekly stick, than look for momentum to carry the $GOLD to OIL ratio, if this happens, A BOTTOM HAS BEEN PUT IN... STAY TUNED!!! THIS WOULD BE A MAJOR OCCURENCE, KNOW NOW BEFORE IT HAPPENS!!!>>>
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