POG up 34 at the moment, and POO lost all of it's earlier gains. Here's a reference for live 24 hour tracking.

http://www.pmbull.com/oil-price/

Oil trades in dollars, not in gold, so the spike in oil was irrational on the part of those buyers.

As mentioned here more than a few times in recent weeks, the markets are entering a period of extreme volatility, most explemplified to date by what's going on today.