They should be paired since you can make gold with oil. All you have to do is burn a bunch of oil to dig up more gold. If oil is expensive you'd shut off the mine. If oil is cheap you'd turn on the mine.
However, the gold price is set by the paper gold market not actual gold.
Yeah definitely seems like a paired trade. My guess: cbs use gold as collateral to influence oil prices
They should be paired since you can make gold with oil. All you have to do is burn a bunch of oil to dig up more gold. If oil is expensive you'd shut off the mine. If oil is cheap you'd turn on the mine.
However, the gold price is set by the paper gold market not actual gold.
I agree though my impression was that they may be using them more as anti correlated trades ie hedges