• Price Change UP Icon Gold $2,231.00 +41.00
  • Price Change UP Icon Silver $24.95 +0.39
  • Price Change UP Icon Platinum $915.00 +11.00
  • Price Change UP Icon Palladium $1,026.00 +25.00
Geopolitical Uncertainty
August 9, 2023

What does $90 oil mean for gold?

Dow Theory Letters, Richard Russell in
Share On Social Media

“Since 1968, on average, one ounce of gold would buy 15-16 barrels of oil. Not so, today. The chart below traces the oil-to-gold relationship, and you can see that the relationship has become out-of-whack. Back in 1999 an ounce of gold would buy almost 28 barrels of oil. Then in August, 2005, the relationship plunged and an ounce of gold would buy just 6.3 barrels of oil. Today an ounce of gold will buy 8.6 barrels of oil.

Today, gold is cheap compared with oil. If the relationship was to go the average since 1968, the price of gold would be nearer to 1500. That’s not likely to happen, but the fact is that gold today is still cheap, too cheap. For any number of reasons, I continue to buy gold.”

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

Get Your Free Report
A Rising Storm
All form fields are required *
Thank You

Want your kit sooner?

Faster delivery
is available by phone.

800-444-8317

Download Your Report

Enter your phone number to be connected to a Monex Account Representative.

Thank You
Want your kit sooner?

Faster delivery is

available by phone.

800-444-8317
All form fields are required *
Embed Spot Prices!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
Embed This Chart!
Copy and Paste below code into your HEAD tag / before end tag of body to embed chart.
Copy and paste code below wherever you want your chart displayed.
Copied to clipboard
FREE REPORT OFFER
A Rising Storm
Thank You
Please check your email for a confirmation link and Free Report!
I agree to receive news and promotional material from this website and understand I can cancel at any time. Privacy Policy