Generally speaking, there is a positive correlation between international crude oil prices and gold prices. The change of gold price precedes the change of oil price, and both gold and crude oil are denominated in US dollars. Their reaction to the dollar is the same. Gold and crude oil have the same feature, both of which are scarce. In terms of metal characteristics, they have gone through a long process of natural geographical formation. Gold has an anti-inflation effect, and both gold and oil have certain value. Generally speaking, the price of gold goes up, the price of crude oil goes up, the price of gold goes down and the price of crude oil goes down.

In 1970s, gold experienced a bull market. At that time, the economies of the United States and Europe were low growth and high inflation, and the central bank adopted loose money by increasing debt. 1980 gold prices entered a bear market, the American economy stagnated, and the central bank stabilized the economy and controlled inflation. In the 1990s, the American economy recovered and changed from heavy industry production to new technology and service economy. In the late 1970s, the Organization of Petroleum Exporting Countries (OPEC) reduced its oil production, so the oil price rose, which affected the American and global economies and led to the economic recession in the late 1970s.