Indeed, silver was on the rise by early Monday, and by late afternoon had climbed above $16.50, a level it last saw midway through last week. Meanwhile, gold was back above $1,200. In terms of what sparked that dramatic comeback for precious metals, Bloomberg's Joe Deaux has pointed to a rally in the price of oil, which crashed last week following OPEC's decision not to cut production. He quotes Tai Wong, director of commodity products trading at BMO Capital Markets in New York, as saying, "[w]hat's driving the gold market here is crude. The move is snowballing as recent short covering and micro-term momentum buyers go long." Meanwhile, Kitco's Jim Wyckoff has also pegged oil's positive price action as impacting precious metals, though he sees "heavy short covering and buy stop orders triggered in the futures, and bargain hunting in the cash market" as other contributing factors. A weaker US dollar index and some safe-haven demand also came into play, he said.