Over the past 20 years there have been two major points at which a peak in the Oil price corresponded to a significant low in the gold mining stocks.

Oil could be breaking out here and if it can push above $115, it has a clear path to $145-$150, the all time high.

Oil’s term structure suggests it’s likely to make a peak over the coming months. Oil peaking and correcting could have significant implications for inflation expectations and Fed policy.

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