Gold : Uranium Ratio
Pounds of U3O8 per ounce of gold · Quotes delayed up to 5 minutesThe price of gold per ounce divided by the spot price of uranium per pound. The ratio is unconventional but increasingly tracked: both assets have benefited from structural macro themes (monetary debasement for gold, energy transition for uranium), and both are positioned as longer-cycle hard-asset plays favored by macro investors looking beyond the typical commodity playbook.
Analyst's Note
Unlike gold:silver or gold:oil, gold:uranium does not have decades of clean mean-reverting history — uranium’s modern financialized history begins around the early 2000s and has been distorted by Fukushima and the resulting production cuts. The ratio is best read as an ordinal regime indicator rather than as a statistical mean-reversion signal. Periods when both metals are rising in tandem (as in 2024–2025) suggest broad hard-asset rotation; periods when they diverge sharply often correspond to a sector-specific narrative dominating one but not the other. For the analytical investor, the ratio is most useful as a check on whether the hard-asset thesis is broad-based or whether one metal is leading idiosyncratically.
The price of gold per ounce divided by the spot price of uranium per pound. The ratio is unconventional but increasingly tracked: both assets have benefited from structural macro themes (monetary debasement for gold, energy transition for uranium), and both are positioned as longer-cycle hard-asset plays favored by macro investors looking beyond the typical commodity playbook.
Analyst's Note
Unlike gold:silver or gold:oil, gold:uranium does not have decades of clean mean-reverting history — uranium’s modern financialized history begins around the early 2000s and has been distorted by Fukushima and the resulting production cuts. The ratio is best read as an ordinal regime indicator rather than as a statistical mean-reversion signal. Periods when both metals are rising in tandem (as in 2024–2025) suggest broad hard-asset rotation; periods when they diverge sharply often correspond to a sector-specific narrative dominating one but not the other. For the analytical investor, the ratio is most useful as a check on whether the hard-asset thesis is broad-based or whether one metal is leading idiosyncratically.
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