At February 10, 2006 I posted that I see a pattern of inverted head and shoulders on the Gold / Oil ratio chart. Since then the gold / oil ratio moved higher, closer to the pattern price target of ~ 11.50. Oil and Gold both moved higher but gold have outperformed oil (gained more percentage). At April 14 , 2006 I posted an oil chart - New all time high for crude oil (WTI) , and indicated a price target of 81$ per barrel of WTI crude oil. 81$ x 11.5 = 931.5$ per gold oz, this price target is less then one percent lower then the price target of 939$ per gold oz - which is based on the average positive rate of change for gold since the start of the second leg up (Elliott Wave III) of the great global gold bull market (GGGBM) – see Gold price prediction 2006, see also The importance of the Dow Jones / Gold, Gold / Oil & Gold / Silver ratios.
Van Eck Seeks SEC Approval for Gold Shares ETF