The ratio of the price of gold to the price of Brent crude may be an important indicator in 2021. Mike McGlone, a commodities strategist, wrote in a report that the deflationary forces brought about by quantitative easing and rapid technological developments are long-term positive for gold prices and negative for crude oil prices.

As the picture shows, the price of gold and oil jumped in 2008, and its resistance level became a comfort zone in 2015-20 and now constitutes a support level. Given the continued upward trend in the balance sheets of the four major central banks, the trend of gold outperforming crude oil since 2008 looks set to prevail, with the price of gold and oil around 60, compared with close to 20 in 13 years.