Gold-to-Oil Ratio
Historical Cross-Commodity Valuation Indicator
Average across matching years
2025: Highest ratio among the matched annual observations.
2005: Lowest ratio among the matched annual observations.
Indicator Interpretation & Economic Mechanics
The ratio expresses how many barrels of WTI have the same value as one troy ounce of gold, using the displayed gold and oil observations. Calculated from the displayed nominal series for years available in both datasets. Missing years and nonpositive denominator prices are excluded. The mean gives each matched year equal weight.
Ratios describe relative commodity values. These annual observations are not a tested recession forecasting model.
Sources and attribution
Ratios calculated by CommoditiesHistory.com from the matched annual observations. Source series and any unit conversions are documented below.
U.S. Geological Survey (USGS): Gold Historical Statistics, Data Series 140
U.S. Geological Survey (USGS): Mineral Commodity Summaries 2026: Gold
World Bank: Commodity Price Data (Pink Sheet): Crude oil, WTI — Data providers: World Bank.; Bloomberg Finance L.P. Finance L.P.; Energy Intelligence Group (EIG); Organization of Petroleum Exporting Countries (OPEC); World Bank.. Underlying source data: CC BY 4.0. Source terms and acknowledgment requirements.
Matched Annual Observations
| Year | Ratio Value | Deviation from Matched-Year Mean |
|---|---|---|
| 2025 | 50.8 | +32.0 (Above Mean) |
| 2024 | 31.5 | +12.7 (Above Mean) |
| 2023 | 25.0 | +6.2 (Above Mean) |
| 2022 | 19.1 | +0.2 (Above Mean) |
| 2021 | 26.5 | +7.6 (Above Mean) |
| 2020 | 45.1 | +26.3 (Above Mean) |
| 2019 | 24.5 | +5.7 (Above Mean) |
| 2018 | 19.6 | +0.8 (Above Mean) |
| 2017 | 24.7 | +5.9 (Above Mean) |
| 2016 | 29.0 | +10.2 (Above Mean) |
| 2015 | 23.9 | +5.0 (Above Mean) |
| 2014 | 13.6 | -5.2 (Below Mean) |
| 2013 | 14.5 | -4.4 (Below Mean) |
| 2012 | 17.8 | -1.1 (Below Mean) |
| 2011 | 16.5 | -2.3 (Below Mean) |
| 2010 | 15.5 | -3.4 (Below Mean) |
| 2009 | 15.8 | -3.1 (Below Mean) |
| 2008 | 8.8 | -10.1 (Below Mean) |
| 2007 | 9.7 | -9.2 (Below Mean) |
| 2006 | 9.2 | -9.7 (Below Mean) |
| 2005 | 7.9 | -11.0 (Below Mean) |
| 2004 | 9.9 | -8.9 (Below Mean) |
| 2003 | 11.7 | -7.1 (Below Mean) |
| 2002 | 11.9 | -6.9 (Below Mean) |
| 2001 | 10.5 | -8.3 (Below Mean) |
| 2000 | 9.2 | -9.6 (Below Mean) |
| 1999 | 14.6 | -4.3 (Below Mean) |
| 1998 | 20.6 | +1.8 (Above Mean) |
| 1997 | 16.4 | -2.4 (Below Mean) |
| 1996 | 17.6 | -1.2 (Below Mean) |
| 1995 | 21.0 | +2.1 (Above Mean) |
| 1994 | 22.4 | +3.6 (Above Mean) |
| 1993 | 19.4 | +0.6 (Above Mean) |
| 1992 | 16.8 | -2.1 (Below Mean) |
| 1991 | 16.9 | -1.9 (Below Mean) |
| 1990 | 15.7 | -3.1 (Below Mean) |
| 1989 | 19.5 | +0.7 (Above Mean) |
| 1988 | 27.4 | +8.6 (Above Mean) |
| 1987 | 24.9 | +6.1 (Above Mean) |
| 1986 | 24.3 | +5.5 (Above Mean) |
| 1985 | 11.4 | -7.4 (Below Mean) |
| 1984 | 12.3 | -6.6 (Below Mean) |
| 1983 | 13.9 | -4.9 (Below Mean) |
| 1982 | 11.5 | -7.4 (Below Mean) |