March 9, 2009

Gold versus Oil prices from 1970 to today

Below is a quick chart comparing the prices of gold and oil from 1970 to 2009.

The price of gold in US$ is on the left vertical axis and the price of crude oil in US$ is on the right vertical axis.

Its interesting how similar the trends are. Why the two might follow similar pricing trends is a good question that I might examine in a following post.

Historical crude oil prices were found at the Energy Information Administration website for Annual Energy Review. I used their data for Crude Oil Domestic First Purchase Prices, 1949-2007. Then for 2008 & 2009 numbers I used their short term energy outlook page.
Gold prices are from Kitco

1 comment:

  1. The correlation between gold and oil prices makes perfect sense to me. If I owned an oil field, I would sell my oil for REAL money, i.e. gold. I would price it in fiat money equated to gold so I wouldn't have to worry as much about depreciating paper currencies. Just my two cents.


I'm starting to get too many spam messages in the comments so I'm turning on moderation. Please be patient and wait for your comment to be approved. Note it may take up to a few days for approval, thanks. I've also had to remove anonymous posting of comments to cut down on spam and pure stupidity.

Blog Widget by LinkWithin