Analysts at Morgan Stanley believe the ratio between two of the world's most-watched commodities is "worth highlighting. ": Analysts at Morgan Stanley believe the ratio between two of the world's most-watched commodities is "worth highlighting," saying it may be of interest to those seeking guidance on the direction of oil prices. "The oil-gold ratio has historically been a poor indicator of future oil prices," Morgan Stanley's Martijn Rats and Amy Sergeant said in a research note published Monday. Crude futures tend to be supported during periods of high inflation, while gold is traditionally used as a hedge against inflation.