this is waxwing illustrating my point beautifully. its ridiculous to believe you somehow get rid of the UoA *by dividing two prices denominated in that unit of account* the result is *proportional USD value*. the USD doesn't magically disappear because THATS WHAT YOU MEASURED WITH. there's an argument to be made that the proportion would work out the same, no matter what UoA the market was using to denominate prices. but that doesn't hold water IMO. if we had any isolated markets that were denominating freely in something like gold or silver (free of USD market influence), i dont think the valuation of commodities would work out AT ALL like the USD denominated markets do. what we use as the underlying unit of account *distorts pricing* and don't even get me started about "are USD consistent across different markets and at different points in time" because they're not. your "lets see where there charts are next year" means little. what you will be measuring with will be a *different "USD" this must be deeply appreciated.