Gold Ounces per Bitcoin
How many troy ounces of gold does one Bitcoin buy? When this chart starts in September 2014 the answer was about 0.37 oz: well under one ounce of gold per BTC. It peaked at 39.87 oz on 17 December 2024 and was about 19.74 oz on 8 October 2026, roughly 53 times the starting level. The ratio is the cleanest read on the relative performance of the two non-sovereign monetary alternatives to fiat currency: physical gold's 5,000-year supply discipline versus Bitcoin's algorithmic supply discipline since 2009. Daily values from Yahoo Finance gold futures (GC=F) and BTC-USD, refreshed twice a day.
Chart
Troy ounces of gold per Bitcoin. BTC USD close divided by gold USD per troy ounce. Daily from September 2014. Logarithmic Y-axis to capture the multi-cycle ratio expansion.
What the chart shows
The ratio (BTC USD close) / (gold USD per troy ounce close), computed daily from September 2014, when Yahoo's BTC-USD history begins. The Y-axis is logarithmic so the multi-order-of-magnitude trajectory is readable. Four regimes are visible. (1) 2014-2017: the ratio climbs from a low of about 0.14 oz (January 2015) to about 15 oz (December 2017) as BTC runs from under $200 to about $19K while gold stays between roughly $1,050 and $1,365. (2) 2018-2020: the ratio ranges between about 2.6 and 13 oz through the BTC bear market and gold's slow grind higher. (3) 2021-2024: the ratio breaks out to about 36-37 oz at the 2021 BTC peaks and about 39.9 oz in December 2024 after the US election. (4) 2025-2026: the ratio falls by more than half, to about 12.4 oz in February 2026, as gold rallies to records and Bitcoin falls.
Hard money vs hard money: the asset-class debate
| Date | BTC USD | Gold USD / oz | Oz / BTC |
|---|---|---|---|
| 2014-09-17 | $457 | $1,234 | 0.37 oz (chart start) |
| 2015-01-14 | $178 | $1,234 | 0.14 oz (series low) |
| 2017-12-18 | $19,114 | $1,262 | 15.1 oz |
| 2018-12-14 | $3,242 | $1,237 | 2.6 oz |
| 2020-12-01 | $18,803 | $1,814 | 10.4 oz |
| 2021-04-14 | $63,110 | $1,736 | 36.3 oz |
| 2021-11-09 | $66,972 | $1,831 | 36.6 oz |
| 2022-11-21 | $15,787 | $1,740 | 9.1 oz |
| 2024-11-05 | $69,360 | $2,750 | 25.2 oz (US election day) |
| 2024-12-17 | $106,141 | $2,662 | 39.9 oz (peak) |
| 2025-10-06 | $124,753 | $3,976 | 31.4 oz (BTC record close) |
| 2026-02-23 | $64,617 | $5,226 | 12.4 oz |
| 2026-10-08 (latest) | $82,224 | $4,165 | 19.74 oz |
Why Australian investors care
- Both are debasement hedges. Gold and Bitcoin sit in the same portfolio role: a non-sovereign monetary alternative held to hedge fiat-currency debasement. AU-resident investors who hold gold (via the GOLD ETF, QAU, PMGOLD, physical bullion through Perth Mint or ABC Bullion) and Bitcoin (via CoinSpot, IBIT-equivalent AU spot ETFs, or self-custody) benefit from tracking the relative ratio.
- Allocation re-weighting signal. When the ratio compresses (gold outperforming BTC), tactical reallocators add BTC. When the ratio expands (BTC outperforming gold), tactical reallocators add gold. The 2014-2024 trend favoured BTC strongly; the 2025-26 compression, with the ratio more than halving from its December 2024 peak, has favoured gold.
- AU-currency context. Both gold and Bitcoin are quoted in USD globally. AU-resident investors holding unhedged ASX-listed gold products such as GOLD or PMGOLD get USD-denominated gold exposure plus the AUD/USD currency layer (QAU is currency-hedged). The same applies to AU-resident BTC holdings denominated in AUD via local exchanges. The gold-oz-per-BTC ratio is currency-neutral (USD divided by USD).
- Cycle context. The ratio's highs came around Bitcoin's 2021 peaks (about 36-37 oz) and in December 2024 (about 39.9 oz), after the US election. When Bitcoin set its record close in October 2025 the ratio was only about 31 oz because gold had risen so far. Gold's structural rally since 2024 means the next ratio peak may not exceed the December 2024 high even if BTC reaches higher absolute levels. Useful for asymmetric-position-sizing math: BTC outperforming gold is not a guarantee.
Methodology
- BTC USD source. Yahoo Finance ticker BTC-USD, daily close.
- Gold source. Yahoo Finance ticker GC=F (COMEX gold futures front-month). Tracks the LBMA spot benchmark closely on a daily-close basis.
- Ratio calculation. BTC USD close divided by gold USD per oz close, for each day where both series have a close (gold does not trade at weekends, so weekend BTC prices drop out). Output rounded to 0.0001 oz.
- Refresh cadence. Twice a day (07:30 and 13:30 Sydney): the automated refresh runs scripts/fetch-yahoo-markets.mjs to update yahoo-markets.json, then scripts/fetch-wave7.mjs recomputes the ratio, and the site rebuilds when the data changes.
- Fallback. If Yahoo is unreachable, the chart continues to render against the last good data in assets/data/wave7.json.
Related tools
- Gold spot with Bitcoin overlay - the two-line absolute-price view.
- Sydney median house in BTC - Bitcoin vs Sydney property.
- Australian national median house in BTC - Bitcoin vs AU property nationally.
- ASX 200 priced in BTC - Bitcoin vs Australian equities.
- Bitcoin log regression (AUD) - the BTC-AUD fair-value reference.
Frequently asked questions
Troy ounces of gold per one Bitcoin, computed as the BTC-USD close divided by the gold futures (GC=F) close in USD per troy ounce, for every day both have a close. Falling line = gold outperforms Bitcoin (BTC loses purchasing power against gold). Rising line = Bitcoin outperforms gold (BTC gains purchasing power against gold). Both prices come from Yahoo Finance and refresh twice a day.
Gold is the 5,000-year reference unit for non-sovereign monetary value. Pricing Bitcoin in gold answers the question 'is Bitcoin actually replacing gold as the hard-money asset?'. At the chart's start in September 2014 one BTC bought about 0.37 oz and Bitcoin's market value was a rounding error next to gold's. At the latest prices Bitcoin is worth about 6 percent of the value of all above-ground gold (roughly 215,000 tonnes). The ratio is the cleanest single quantitative answer to 'how much of a substitute has Bitcoin become for gold?'.
39.87 oz per BTC on 17 December 2024, when BTC-USD closed near $106,141 and gold near $2,662 per oz. After the December 2024 peak gold broke out, crossing $4,000 in October 2025 and closing at a record $5,318 in January 2026, while Bitcoin fell from its October 2025 high. The ratio dropped to about 12.4 oz on 23 February 2026, less than a third of the peak.
Three reasons. (1) Central-bank gold buying: central banks as a group bought more than 1,000 tonnes a year in 2022, 2023 and 2024 according to the World Gold Council, the strongest run of official buying in decades. (2) De-dollarisation: several reserve managers have shifted reserves into gold to reduce USD-system exposure. (3) Real-rate expectations: falling or expected-to-fall real interest rates make zero-yield gold relatively more attractive. On Yahoo daily closes gold went from about $1,850 at the start of 2023 to a record $5,318 in January 2026, which is why the BTC/gold ratio fell by more than half from its December 2024 peak even though Bitcoin set its own record in October 2025.
Different roles. Gold has 5,000 years of survival history, is held by almost every central bank, cannot be deleted, and acts as the universal monetary fallback. Bitcoin has operated since 2009, has supply discipline that is algorithmic rather than mining-cost-driven, is digitally portable, and has compounded far faster with far larger drawdowns. Investors who hold both usually treat gold as the steadier weight and Bitcoin as the smaller, higher-volatility weight. The ratio chart shows which side has been doing the work.
Yahoo Finance via the public v8/finance/chart endpoint. Gold: ticker GC=F (COMEX gold futures front-month, which tracks the LBMA spot benchmark closely). Bitcoin: ticker BTC-USD. An automated refresh runs twice a day (07:30 and 13:30 Sydney time): scripts/fetch-yahoo-markets.mjs updates both prices and scripts/fetch-wave7.mjs recomputes the ratio. If Yahoo is unreachable the last good data is kept.
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