Yowza.

The big wick in 2020 is when oil traded negative because of plandemic lockdowns, if you remove that, then its more obvious that blowing through 35 is a change of character on this pair... a "breakout"

This implies that buy pressure on gold is not coming from the run-of-the-mill fiat supply inflation that usually takes oil up along with it, and has historically kept this chart in something resembling a range.

Seems the gold market is pricing in a fiat doom scenario, fiat becoming worth less but also not making its way into the economy to buy oil.

This would seemingly confirm my bias that the new era of inflation will be combating deflation, and going towards debt destruction, rather than buying fake growth that puts buy pressure on energy.

There's a case to be made though that the "drill baby drill" jawboning has put a ceiling on oil, but I would think that would move oil down and leave gold flat to down as cheaper energy makes mining gold cheaper.

It would seem intuitive that President Pump wouldn't allow a financial crisis on his legacy, but it's still early enough in term to to call it inherited with plenty of time come out the other side before mid-term.

Joint session of congress tonight, maybe the DOGE UBI and tax cuts become official to stop the bleeding?