Interestingly, and in historical terms, oil is not yet cheap as compared to gold (real money), so it looks as if it could futher. Will it? Dunno.

And it's not just a falling POO that can change the ratio along the current trend. Rising POG will do it too.

Note the chart below is only through October, but correcting for the last few weeks still does not take the price too much below 1.9 grams gold per barrel.