Gold and Oil are linked in that the cost of most mining is about 1/3 energy. The cost of mining in jurisdictions like Canada has also been hard hit by the rising Canadian dollar as the costs are in Canadian dollars but the commodities they sell are in US dollars. This is putting pressure on the bottom line of many of the miners.

The oil stocks are under pressure from the higher royalty taxes in Alberta the removal of the income trust special tax treatment and the partial unwinding of the yen carry trade (borrow yen at 1% and invest in high yielding foreign investments).

I think this is why the miners have underperformed the rise in US dollar gold and oil to date.

The Fed in the US is now under a lot of pressure to act more quickly. They are behind the curve and need to catch up to prevent bigger problems than they currently have. They have gone in two weeks from saying no more rate cuts to saying we need to cut again.

They know they have two options inflate or die.

I am betting they will choose a massive re inflation.

If they succeed in re inflating than in my opinion all the commodities and gold will do well.
If they fail than I think with the resultant deflation only gold will do well but will have a delayed reaction.