Oil & Dow-gold Ratio

Global markets are not looking good pre-NY open. Crude oil is blowing off but if that is the reason gold is rising then contrary to what some gold bugs think, it is not the primary fundamental. That would be the unwinding credit system. I have not forgotten my bearish call on oil from a few days ago and will of course answer for it here if proved wrong. Obviously the price target for USO is kaput, but I have got to believe shorts are covering and the most unhealthy of 'investors' are buying crude @ 124. We'll patiently await the top.

Also, there is the matter of the Dow-Gold ratio. Is it time for a return to angst-o-rama? Possibly, but the ratio has not broken down as of this moment. It looks like I am about to lose my short term gold bet to that wise guy fundy analyst but this will be beer munny well spent and I can't think of a better dood to buy a six pack for.

Check out the last two COWs. This is why I carry my core miners and why I cycled my USD's immediately into Z