Chart: Gold/WTI Ratio

The Gold/WTI Ratio

The Gold/WTI Ratio expresses the price relationship between gold and WTI crude oil. The chart shows the quantity of barrels of WTI Crude Oil in US dollars (USD) needed to purchase one ounce of gold in US dollars since 1984. A high ratio indicates that gold is relatively expensive in terms of WTI Crude Oil and vice versa.

Analysis of the Gold/WTI Ratio

The Gold/WTI Ratio has historically traded within the range of 6 to 40 with the two exceptions being 2016 and 2020. In both of these years the ratio exceeded 40 with 2020 being the extreme. For the period 2000-2008, the price of oil was relatively high in relation to the price of gold, as reflected by the fact that the ratio reached almost 6, but never rose above 16.

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