Visualizing the Gold-to-Oil Ratio (1946-2024)

What We’re Showing

This graphic shows the gold-oil-ratio from 1946 to 2024, based on data from Macrotrends.

Key Takeaways

• The gold-to-oil ratio is the number of crude oil barrels equivalent to one troy ounce of gold. The ratio is seen as an indicator of the health of the global economy.
• During the 1950s and 1960s, fixed gold and stable oil prices kept the ratio at 11-13 for 20 years.
• The ratio peaked in 2020 as COVID-19 boosted gold as a safe haven, while oil demand and prices fell due to lockdowns.