If oil were to drop to $85 tomorrow, the so called "underperformance " of the golds would suddenly be well understood. It is a matter of perspective as to what represents a reasonable level given all the short term and long term factors. It is doubtful that international supply /demand for gold will be impacted to any material extent by U.S. domestic law, although large miners with US ops will be happy for certainty on that front because any uncertainty inhibits capital investment in the US. Overall we will remain in a long term bull market unless miners can produce gold faster than the US prints bucks. Since all the existing central bank gold is worth about $1 trillion, and the US will print that EVERY YEAR or better, expect oil and gold to remain LT bullish with lots of volatility. I would personally rather be long stocks than warrants so I do not have to face the manipulations that can accompany warrant expiry.