📈 Oil-to-Gold Ratio Falls to Record Low: 0.51 Grams per Barrel in November 2025

The oil-to-gold price ratio—a long-running gauge of the relative value of major commodities—fell to an all-time low of 0.51 grams per barrel in November 2025. This is 59% below its 1960s pre-Bretton Woods average and 52% below the 2014–November 2025 average. 

Since the 1970s, the ratio has moved through six major phases:

1. Oil Crisis (1970s–1980s)

Geopolitical shocks—including the Arab oil embargo and the Iranian Revolution—pushed the ratio to nearly 2× its 1960s average.

2. Oil Price Slump (1980s–1990s)

Weak oil prices and steady gold kept the ratio 19% above 1960s levels.

3. Commodity Boom (2000–2008)

China’s rapid industrial growth drove oil demand, sending the ratio to 144% above its 1960s baseline.

4. Gold Rally (2008–mid-2010s)

Post-crisis gold demand lowered the ratio to 70% above 1960s levels.

5. Shale Boom and Beyond (mid-2010s–2023)

The U.S. shale revolution and rising gold prices drove the ratio toward historic lows, culminating in a then-record low by April 2025. 

6. Gold Surge (2024–2025)

Gold prices doubled while oil prices declined, pushing the ratio to its current record low.