Chart: US M2/Gold Ratio
US M2/Gold Ratio Chart
The US M2/Gold Ratio expresses the relationship between US M2 money supply and gold. The chart shows US M2 money supply in billions of US dollars (USD) divided by the price per ounce of gold in US dollars (USD) since 1968. A high ratio indicates that a bigger quantity of gold is needed to cover the US M2 money supply and vice versa.
Analysis of the US M2/Gold Ratio Chart
The US M2/Gold ratio has had two noteworthy highs since 1968 with the first and lower one being in the early 1970s with at around 17. The second high was in the early 2000s with a value close to 20, suggesting that gold was undervalued. The low in the ratio was during 1980, were it almost reached 2, leading to the conclusion that gold was relatively overvalued when measured in M2 US money supply.
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Source: Federal Reserve St. Louis, Incrementum AG
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