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
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Weekly Favorites, Gratitude, and Giveaways #109
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Weekly Favorites, Gratitude, and Giveaways #109 is a post from: Budgeting
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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.
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