LIVE CROSS-ASSET RATIO
How many barrels of WTI equal one troy ounce of gold?
The gold-oil ratio divides gold in U.S. dollars per troy ounce by West Texas Intermediate crude oil in U.S. dollars per barrel. A result of 30 means one ounce of gold has the same quoted value as 30 barrels of WTI. GoldObserve aligns observations on a common calendar date, excludes missing or non-positive denominators and keeps both source dates visible.
FORMULA AND UNITS
Gold price divided by WTI price
Example: $2,400 gold ÷ $80 WTI = 30 barrels per ounce.
The dollar units cancel, leaving barrels per troy ounce as the interpretation. This is an economic comparison, not a claim that physical gold and crude oil can be exchanged without contracts, logistics, quality differences or transaction costs.
DIRECTION MATRIX
Read both legs before explaining the ratio
A ratio of 40 can reflect $2,400 gold and $60 WTI or $4,000 gold and $100 WTI. Those are not the same market.
BENCHMARK DISCIPLINE
WTI is a named crude benchmark, not a universal oil price
The tool uses the U.S. Energy Information Administration's daily WTI Cushing, Oklahoma spot series distributed by FRED. Brent and regional physical grades can trade differently because of location, quality, transport and market structure. Label the denominator whenever the ratio is shared.
01Match exact calendar dates available in both series.
02Name WTI, Brent or the selected physical grade.
03Inspect gold and oil returns separately.
04Record different close times, holidays and revisions.
EXCEPTION HANDLING
Zero or negative oil prices break the usual interpretation
Division by zero is undefined. A negative oil settlement produces a negative quotient that no longer means a positive number of barrels per ounce. GoldObserve excludes non-positive WTI observations. The April 2020 negative WTI futures settlement also shows why spot, futures, contract month and delivery mechanics must not be blended into one generic “oil price.”
USE AND LIMITS
A macro lens, not a recession signal or trading rule
SOURCES AND RELATED RESEARCH
Audit the series and continue the comparison
- FRED daily WTI Cushing series, sourced from the U.S. Energy Information Administration and reported in dollars per barrel.
- GoldObserve methodology for gold sources, common-date alignment, missing values and revisions.
GOLD-OIL RATIO FAQ
Common questions
What does a ratio of 50 mean?
One troy ounce of gold had the same quoted dollar value as 50 barrels of the named oil benchmark.
Does a high ratio predict recession?
No. Weak oil, strong gold, supply shocks and other paths can create similar readings.
Would a Brent ratio be identical?
No. Brent and WTI can trade at different prices, producing different ratios.
Does the ratio include ownership costs?
No. It excludes spreads, rolls, financing, storage, tax and physical delivery.