Crude oil has been trading around $70/bbl for the past four months and shows no signs of weakness. Relative to gold, oil is trading a little on the expensive side, but cheaper than it was for most of the 2000s. I continue to think that the commodity story (i.e., with almost all commodities trading higher this year and still firm) is due to a combination of a) rebounding global economic activity, and b) accommodative monetary policy from almost all central banks. This is not only a recovery but a reflation of sorts. It could turn ugly if prices move substantially higher and central banks are slow to reverse course, but for now it can only mean that economies enjoy a positive feedback loop of rising confidence, expanding activity, and stronger cash flows. Stay bullish.