Although the Fed may on its own go for another round of quantitative easing, higher commodity prices are beginning to flow through into growth-choking price increases in gasoline, autos, and other consumer goods.

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If crude oil prices continue to trend higher in the near term, that could spark fresh speculative money to flow into the raw commodity sector, including the precious metals.

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Importantly, if crude oil prices continue to trend higher in the near term, that could spark fresh speculative money to flow into the raw commodity sector, including the precious metals.

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Not only would gold companies benefit from any rises in the price of the commodity itself, but many senior miners are now using a portion of their cash flow to pay dividends, Holmes said.

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