Dow to Gold Ratio Since 1896
The Dow Jones Industrial Average is at 52,454 and gold at $4,124, so one "unit" of the Dow buys 12.7 ounces of gold. That is higher than on 69% of trading days since 1896. The ratio peaked at 44.8 in August 1999 and fell to 1.03 on January 21, 1980, when gold hit its 1980 high.
Live: Dow and spot gold, Oct 20, 2026, 12:29 ET
Dow Jones ÷ gold price
Turning points
| Moment | Date | Ratio | Dow | Gold |
|---|---|---|---|---|
| Peak before the 1929 crash | Sep 3, 1929 | 18.4 | 381 | $20.67 |
| Great Depression low | Jul 8, 1932 | 1.99 | 41 | $20.67 |
| Post-war peak | Feb 9, 1966 | 28.4 | 995 | $35.00 |
| Low as gold hit $850 | Jan 21, 1980 | 1.03 | 873 | $850.00 |
| Dot-com peak | Aug 25, 1999 | 44.8 | 11,326 | $252.85 |
| Low as gold peaked | Aug 22, 2011 | 5.78 | 10,855 | $1,877.50 |
Highest or lowest daily ratio within each episode.
How to read it
When the ratio is high, stocks are expensive relative to gold — as at the 1929, 1966 and 1999 peaks. When it is low, gold is expensive relative to stocks — as in 1932 and 1980.
Because both sides are priced in dollars, the ratio largely removes inflation: it compares two assets directly. It ignores dividends, which favour stocks over long periods, and storage costs, which count against gold.
Compare other pairs on the market history chart builder, or see the Dow Jones and gold history pages.
The Ratio Every Five Years
Last trading day of each year ending in 0 or 5.
| Year | Dow/gold | Dow | Gold |
|---|---|---|---|
| 2025 | 11.1 | 48,063 | $4,341.10 |
| 2020 | 16.2 | 30,606 | $1,895.10 |
| 2015 | 16.4 | 17,425 | $1,060.80 |
| 2010 | 8.24 | 11,578 | $1,405.50 |
| 2005 | 20.9 | 10,718 | $513.00 |
| 2000 | 39.3 | 10,787 | $274.45 |
| 1995 | 13.2 | 5,117 | $387.00 |
| 1990 | 6.82 | 2,634 | $386.20 |
| 1985 | 4.73 | 1,547 | $326.80 |
| 1980 | 1.63 | 964 | $589.75 |
| 1975 | 6.08 | 852 | $140.25 |
| 1970 | 22.4 | 839 | $37.38 |
| 1965 | 27.7 | 969 | $35.00 official |
| 1960 | 17.6 | 616 | $35.00 official |
| 1955 | 14.0 | 488 | $35.00 official |
| 1950 | 6.73 | 235 | $35.00 official |
| 1945 | 5.51 | 193 | $35.00 official |
| 1940 | 3.75 | 131 | $35.00 official |
| 1935 | 4.12 | 144 | $35.00 official |
| 1930 | 7.96 | 165 | $20.67 official |
| 1925 | 7.58 | 157 | $20.67 official |
| 1920 | 3.48 | 72 | $20.67 official |
| 1915 | 4.80 | 99 | $20.67 official |
| 1910 | 3.94 | 81 | $20.67 official |
| 1905 | 4.65 | 96 | $20.67 official |
| 1900 | 3.42 | 71 | $20.67 official |
Dow/Gold Ratio FAQ
What is the Dow/gold ratio?
The Dow Jones Industrial Average divided by the price of one troy ounce of gold in US dollars. It shows how many ounces of gold the Dow "buys", which measures stocks against gold without using dollars, so inflation largely cancels out.
What is the highest the Dow/gold ratio has been?
About 44.8 in August 1999, at the height of the dot-com boom, when gold was below $300 an ounce.
What is the lowest?
About 1.03 on January 21, 1980, when gold spiked to $850. In 1932, at the bottom of the Great Depression, the ratio was about 2 even though gold's price was fixed at $20.67.
Why does the chart change character in 1968?
Before 1968 gold had an official US price ($20.67 an ounce until 1933, $35 from 1934), so the ratio simply tracked the Dow. Gold has traded at free-market prices since 1968 and especially since 1971, when the US stopped converting dollars to gold.
Does a high or low ratio predict anything?
Some investors use extremes as a signal to switch between stocks and gold, but the ratio can stay high or low for many years and the past turning points were only clear in hindsight. It is a way of looking at history, not a forecast or investment advice.