The Gold to Oil Ratio since 2018

When the gold to oil ratio approaches 30x, oil is undervalued.

When the gold to oil ratio approaches 10x, gold is undervalued.

Today, the gold-oil ratio is below 20x. So, neither oil nor gold is undervalued nor overvalued relative to each other.

Image: Goehring & Rozencwajg

The Gold to Oil Ratio since 2018