Gold has a better chance of getting its shine back a lot sooner than oil. That’s the opinion of Barry Ritholtz, chief investment officer, of Ritholtz Wealth Management. The long-time gold bear is intrigued by the metal’s recent bounce, which has helped lift the SPDR Gold Shares ETF (GLD) 5.3% higher during the past month. “A run to $1,250 or $1,280 [an ounce] is certainly possible for gold, certainly when you break a downtrend that is more than a couple of weeks old.”

That said, Ritholtz is not convinced gold can return to its heyday levels of $1,900 an ounce. “It’s hard to do that with the economy getting better, armageddon off the table and the dollar at a 7-year high and no inflation to be found.”  The PowerShares DB Bullish Dollar ETF (UUP) has advanced nearly 9% this year.

While macro factors have been influencing the price of gold more so than supply, its a different story for crude. There is just too much of it and too many alternatives notes Ritholtz.  “Between the tar sands, fracking and the amazing amount natural gas that keeps being described, we have an excess of energy and that’s impacting prices.”  WTI crude (CLF15.NYM)  has slipped to the $60 level, down nearly 40% since January levels. The Natural Gas UNG ETF (UNG) is down 9% this year.

Oil prices could see further pressure in the coming months and years cautions Ritholtz.  “Iranian oil potentially hitting the world market is another variable. Iraqi oil already starting to make its way onto the world market. So we are, at least for the next couple of years, awash in oil.”