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“It now takes more than 60 barrels of oil to purchase a single ounce of gold, compared with fewer than 30 barrels in early February. Gold has gotten pricey, relatively speaking, while oil has plunged.“
Cockamaimy story. Gold and oil are two different things for two different uses. Nobody needs gold for fuel for shipping. Shipping and oil are following retail down. Retail of cheaper imports while US consumers were still well off, was a was the best place to be after 1970.
But after 1970 consumers went down hill as retailers and shipping went up hill, so retail and the long distance shipping and increased wasted use of oil for fuel, got over done.
The author’s story was cockamamie. Gold was the opposite of oil. Gold is like money and oil is the consumer product to be purchased by gold. And gold (a storage of wealth) did not get over produced because the masses were unwittingly using stocks bonds and real estate for storage of wealth and it worked.
They unlearned about the advantages real actual money. Now people or the system is relearning about the disadvantages of open borders and cheap imports that in the long run were very expensive instead.