There are a lot of investors out there who look at oil as a leading indicator for commodity investing.

Chevron is one of the world's leading companies in developing heavy oil, and this opportunity expands our efforts to develop high-quality, large-scale resources to enhance our production growth profile. Our goal is to lead the industry in the selection and execution of major capital projects, and we are excited by the opportunity to build on our position in the Canadian oil sands.

Rising oil prices raise concern U.S. consumption will slow, leading to worries that exports from some Asian countries will shrink, and worsening the region's growth outlook. The higher fuel costs may also lead to concern corporate profits will be squeezed. These encourage foreign investors to sell the regional equities.

No one is going to go short on gold in times like this. As gold is not linked to a government or a geopolitical body, it becomes a natural investment in times of tension.

If physical buyers think the run is overextended, they will sell. It looks like some of them have sold gold when it was trading around $575.

Commodities are the flavor of the month. Gold, silver, zinc or copper, it doesn't really matter what it is, as long as it's a commodity.