Gold vs. Oil is rising; a condition that mining operations would like to see continue.

Gold vs. Stock Market is slightly elevated; a condition that gold sector investors would like to see continue.

Gold vs. general commodities is rising, a condition that people who are long-term gold bulls (and economy bears) due to a long-term economic contraction thesis, have been watching as it remains intact from 2008.

Finally, gold vs. silver (with Uncle Buck in tow), the one ratio that gold bugs (and inflationists) want to see drop for some relief in the ‘inflatables’, AKA the traditional beneficiaries of an ‘inflation trade’.