Ticking Noise when Cold?

[Ape Runner]

Just yesterday I started to here this low pitched ticking noise, one cold starts and while driving while the engine is still cold. It almost sounds like valvetrain noise, but is a lower (deeper) sound. It only occurs while in gear and the ticking "speeds up" with my rpm.

Any ideas?

 

[02SE]

Diagnosing a noise without actually hearing it, is hit and miss. But for the sake of giving it a shot; Does the noise go away as the engine warms up? If so, it could be piston slap.

Piston slap is usually more of an annoyance, then it is a sign of imminent demise. The engine could continue to run for many thousands of miles and years, without anything more than the cold engine knocking noise you might be hearing.