If you thought 2025 has been wild for commodities, the numbers tell it all: oil prices are on track to post their second-worst year relative to gold in history — only behind the 2008 financial crisis.
So far this year, the oil-to-gold ratio has plummeted nearly 50%, marking a rare divergence where crude oil prices have collapsed while gold prices have soared. The last time markets saw anything like this was during the global financial crisis. At the time, risk assets tumbled and investors stampeded into safe havens.
