There’s an old relationship with the price of gold in ounces and the price of a barrel of Oil.
15 barrels of oil has historically equalled 1 once of gold, only slipping out of this relationship for short periods of time. Take a look at the chart below, notice how throughout 1950 to 1998 the close relationship was maintained. That is clearly not the case now. As of September 2006 oil at $60 a barrel should make gold $900 an ounce if the historical ratio is to be maintained.