I know - I have been watching this ratio closely, and, much as I like the PMs, I think oil is the better value at this time. Gold and silver may be ready for a big move up - but I have never done well buying on strength due to all the manipulation in the PM marketplace. I prefer to buy during the takedowns.

Oil seems to be behind gold in the reflationary effort this time. Notice how poorly it responded yesterday when rates were dropped - in the past oil would have shot up in reaction. Yet, the oil stocks I follow rallied in spite of weakness in the commodity itself. I think the window for buying quality oil shares is in the process of closing, but not just yet. More weakness in oil this morning.

Kitco is sluggish this morning - think maybe a few goldbugs are checking to see how much their net worth just shot up the last 10 minutes?