As governments try to boost growth with a weaker currency, low inflation may eventually turn into higher inflation when monetary debasement continues. When a local currency devalues, gold prices in local currencies typically shoot up as local citizens scramble for an alternative currency to protect their wealth.
WTI got a big boost as Trans-Canada announced the southern leg of the Keystone Pipeline is operational driving up West Texas Intermediate versus Brent Crude as the market anticipates that will mean more products for export and a reduction in the global spread.
We start the New Year with the U.S. better supplied with oil than at any time in history. Now the market will focus on the demand side as we start the slow road back to normal markets after the extended holiday trade.