OK AG has linked gold & oil.:
Oil prices increased dramatically during 1999, fully reversing the
declines in the previous two years. The average spot price for West Texas
intermediate, the U.S. benchmark crude, more than doubled, from around
$12 per barrel at the beginning of the year to more than $26 per barrel
in December. This rebound in oil prices was driven by a combination of
strengthening world demand and constrained world supply. The strong U.S.
economy, combined with a recovery of economic activity abroad and a
somewhat more normal weather pattern, led to a 2 percent increase in
world oil consumption. Oil production, on the other hand, declined 2
percent, primarily because of reduced supplies from OPEC and other key
producers. Starting last spring, OPEC consistently held production near
targeted levels, in marked contrast to the widespread lack of compliance
that characterized earlier agreements. So far this year, oil prices have
risen further on speculation over a possible extension of current OPEC
production targets and the onset of unexpectedly cold weather in key
consuming regions.
The price of gold fluctuated substantially in 1999. The price declined to near a twenty-year low of about $250 per ounce at mid-year as several central banks, including the Bank of England and the Swiss National Bank, announced plans to sell a sizable portion of their reserves. The September announcement that fifteen European central banks, including the two just mentioned, would limit their aggregate sales of bullion and curtail leasing activities, saw the price of gold briefly rise above $320 per ounce before turning down later in the year. Recently, the price has moved back up, to above $300 per ounce."
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