$WTIC:$Gold Monthly

The monthly oil price vs. gold gives you some perspective on why gold prices have remained resilient. Lots of media attention has focussed on oil price advances and unprecedented amounts of money bet on higher prices when they really have been in decline.

A decline in oil prices will serve the assumption that all commodity prices are under pressure, especially since the collective wisdom is that money printing leads to higher interest rates. Oil's aftermarket has seen it's day. Futures have been in backwardation for years on end.

This ratio should decline:

http://scharts.co/1qUn1l4

-F6