Would you pay your crude oil bill in the universally accepted currency of the last 6000 years - that is gold - your barrel would have become 28.4% percent cheaper since the nominal record high reached last August.
Please note that the data ends with January 13. Gold has risen 1 percent since then while crude rose only today 3.3%.
GRAPH: Dividing the price of crude oil with the gold price is yet another clear sign that the yellow metal has not lost any of its inflation defensive qualities. While a barrel of Western Texas Intermediate crude cost 0.162 ounces of gold last August it now takes only 0.116 ounces of gold to get exactly the same barrel of the black gold. Chart courtesy of Stockcharts.com.
And now, ahead of Wednesday's new inflation data let's all chant, "There is no inflation, there is no inflation, there is no inflation..."