Enter the price of copper and the price of gold into the calculator to determine the copper/gold ratio.
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Copper/Gold Ratio Formula
The calculator uses two formulas, one per mode.
Current ratio mode:
Ratio = Copper price ($/lb) / Gold price ($/troy oz)
Trend compare mode:
Change (%) = (Current Ratio / Previous Ratio - 1) * 100
- Copper price: market quote for copper, converted to U.S. dollars per pound.
- Gold price: market quote for gold, converted to U.S. dollars per troy ounce.
- Ratio: copper price divided by gold price using the standardized units above.
- Previous Ratio / Current Ratio: the ratio computed at two points in time.
- 10-year Treasury yield: optional input in the trend mode, used to flag whether yields and the ratio are moving together or diverging.
The current ratio mode standardizes whatever quote units you enter (cents per pound, dollars per metric ton, dollars per gram, dollars per kilogram, dollars per pound, dollars per troy ounce) before dividing. It also reports the same-weight ratio, which compares copper and gold per troy ounce so you can see how cheap copper is by weight. The trend compare mode runs the ratio at two points in time and shows the percent change, the point change, and an optional comparison to the 10-year Treasury yield.
Reference Tables
Typical ranges for the macro-style copper/gold ratio (copper $/lb divided by gold $/troy oz) over the last decade:
| Ratio | Reading | Common interpretation |
|---|---|---|
| Above 0.0025 | Copper relatively strong | Growth or inflation leaning |
| 0.0018 to 0.0025 | Middle range | Mixed signal |
| Below 0.0018 | Gold relatively strong | Defensive or risk-off leaning |
Unit conversions used inside the calculator:
| From | To | Factor |
|---|---|---|
| ¢/lb | $/lb | ÷ 100 |
| $/metric ton | $/lb | ÷ 2204.6226 |
| $/troy oz | $/lb | × 14.5833 |
| $/gram | $/troy oz | × 31.1035 |
| $/kg | $/troy oz | × 0.031103 |
| $/lb | $/troy oz | ÷ 14.5833 |
Worked Examples and FAQ
Example 1: Current ratio. Copper trades at $4.50 per pound and gold trades at $2,300 per troy ounce. Ratio = 4.50 / 2300 = 0.001957. That falls in the middle range, a mixed signal.
Example 2: Trend compare. Previous prices were copper $4.10 and gold $2,000, giving 0.002050. Current prices are copper $4.50 and gold $2,300, giving 0.001957. Change = (0.001957 / 0.002050 − 1) × 100 = −4.54%. Gold has outperformed copper over the period.
Why divide copper $/lb by gold $/troy oz? That is the convention popularized by macro analysts like Jeffrey Gundlach who plot the series against the 10-year Treasury yield. The units are not the same, but the ratio still tracks the relative performance of the two metals.
What does the same-weight ratio show? It converts copper to dollars per troy ounce and divides by gold per troy ounce. It tells you how copper is priced compared with gold for the same amount of metal. The number is small because gold is far more expensive per ounce.
Why compare the ratio to the 10-year yield? Both react to growth expectations. When the ratio rises and yields rise together, the market is pricing in stronger growth or higher inflation. A divergence, where the ratio drops while yields rise, can flag stress in the bond market or vice versa.
Does the quote unit matter? No, as long as you select the right unit in the dropdown. The calculator standardizes everything to copper $/lb and gold $/troy oz before computing the ratio.