Yoni Jacobs thinks so, here, based on the gold price having broken the 300-day moving average:
“Just like you see oil falling from $115 to $80 – we will see the same thing with gold and it’s already underway.”
With a normal ratio of 15 barrels of oil to one ounce of gold, a $700 dollar price for gold also implies further deterioration in the price of oil ... to about $46/barrel.
