I think the gold price will outpace the oil. If you take Jim Rickards at his word, he says gold needs to be $5000 an ounce to be a credible, non deflationary backing for the US Dollar (say x4 where we are now). That's as we are now, without any further QE etc. So, for oil price rises to outpace gold, we would need to see $400 a barrel oil (x4 current price)...the economy will be in a depression before we reach $200 crashing oil prices, so that's not going to happen. Any further inflation will affect both commodities. Peak Oil will tend to push oil prices up faster than general inflation but it will, probably, be 2015 before that brown stuff hits the fan and we'll be in production by then :)...