In a comment below…the long missing Red Label ( hi Red) was pondering the effect of the Goldprice : Oil Price Ratio on Gold Miners.

Thanks to Stock Charts , finding the answer is easy as pie.

It stands to reason that if Oil is rising vs Gold ,the miners suffer, as they have much of their input costs related to Oil .

So is there a positive co relation ?

Well looky here…Just before the wild run up in HUI et al the Gold Oil Ratio Spiked UP.

Mostly because oil was falling .

We have a similar move in this ratio going on right now !

Actually since the start of October the Gold:Oil Ratio has spiked 50% !

So We should be on the cusp of a Romp in the miners !