Gold & Silver Macro Comparison Dashboard

Like-for-like months. All comparisons use completed calendar months. Gold and silver are published monthly reference prices. Daily real-yield, nominal-yield, dollar and debt observations are averaged separately within each completed month. Fed total assets use the average of available weekly Wednesday observations in each completed month. CPI inflation, unemployment, M2 and Fed rates are already monthly. The resulting observations are matched by calendar month. Missing months remain missing; there is no daily interpolation or forward filling. Monthly observations may be released with different delays.

Definitions. Gold and silver are World Bank Pink Sheet monthly reference prices in USD per troy ounce. Gold uses spot daily averages from June 2025; earlier periods use London afternoon fixing averages. Silver uses London afternoon fixing, Handy & Harman before July 1976, and an unrefined grade before 1962. These methodological changes can affect long-term comparisons. These are not live quotes, dealer prices or intraday highs. The real yield is the 10-year inflation-indexed constant-maturity Treasury yield (DFII10). The dollar series is the Federal Reserve’s nominal broad trade-weighted U.S. dollar index (DTWEXBGS, January 2006 = 100), rather than ICE DXY.

Additional indicators. 10Y breakeven inflation is calculated as DGS10 minus DFII10 on exact matching daily dates before monthly averaging. It includes inflation-risk and liquidity premiums. M2 uses seasonally adjusted M2SL; unemployment uses seasonally adjusted U-3 (UNRATE). Fed assets use WALCL. Debt uses total public debt outstanding from Treasury Debt to the Penny, starting in April 1993. Debt monthly averages here differ from month-end values on the standalone debt tracker. M2, Fed assets and debt are shown in trillions of USD, with the conversion stated in their source notes. These three stocks are different measures and do not mechanically predict metal prices.

Inflation and rates. Inflation is CPI-U all items, not seasonally adjusted (CPIAUCNS): (index this month / index in the same month one year earlier − 1) × 100. Fed rates are FEDFUNDS monthly averages of the effective federal funds rate, rather than the FOMC target range. Both lines share one percentage scale. Their difference is not a forward-looking real interest rate.

Changes and records. Price and index changes are percentages between the first and last matched observations. Yield and inflation-rate changes are differences in percentage points (pp). Highs and lows refer to observations in the selected period and frequency, not intraday trading records. All starts at the earliest common observation; each pair can have a different available history. A selected period ends at the latest common observation, not today. Short histories are disclosed.

Axes and indexing. Original metal/yield and metal/dollar charts use two independently scaled axes, identified by colour and units; line crossings do not indicate equal values. Both metals versus the dollar, M2, Fed assets or debt can also be rebased to 100 at the first selected observation. Rate comparisons are not rebased; rates can reach or cross zero. Inflation/Fed rates use the same axis. Axes are never inverted.

Correlation. Pearson correlation is calculated from consecutive matched observations: metal percentage changes versus real-yield changes in pp; metal percentage changes versus dollar, M2, Fed-assets or debt percentage changes; metal percentage changes versus CPI-inflation, Fed-rate, nominal-yield, breakeven or unemployment changes in pp; CPI inflation changes in pp versus Fed-rate changes in pp. Correlation uses consecutive calendar months only; gaps are excluded. At least 20 changes and nonzero variance are required. The sample count is shown. Correlation depends on the period and frequency, does not establish causation and is not a trading signal.

Updates and revisions. Source checks run twice daily on the server. Successful full-history downloads include source revisions. Failed or truncated responses retain saved history. No paid API, API key or account is required. Bundled verified history makes all 21 comparisons available immediately after installation. CSV contains all matched observations in the selected window, original values, display values, changes, sources and data dates. PNG reflects the selected chart and includes units, period and attribution. Charts contain no invented data. World Bank metal series are attributed under CC BY 4.0; selected source columns and month labels are standardised, while source price values are retained.

The World Bank: Commodity Price Data (The Pink Sheet), gold and silver monthly series. Original data · CC BY 4.0 with the additional World Bank Dataset Terms. Retain source acknowledgements and these terms when reusing data. Selected series and calendar-month labels are standardised; original prices are retained. Calculations and charts are by Silver Dominion.

Gold providers acknowledged in the source workbook: Bloomberg Finance L.P.; Kitco.com; International Monetary Fund, International Financial Statistics; London Bullion Market; Metals Week; Platts Metals Week; Shearson Lehman Brothers, Metal Market Weekly Review; Thomson Reuters Datastream; World Bank.

Silver providers acknowledged in the source workbook: American Metal Market; Australian Mineral Economics Pty. Ltd.; Bloomberg Finance L.P.; London Bullion Market; Metals Week; Metals Statistics; Platts Metals Week; The Silver Institute, Silver World Supply & Demand; Thomson Reuters Datastream; World Bank.

Macro sources: Board of Governors of the Federal Reserve System (H.15 and H.10) and U.S. Bureau of Labor Statistics (CPI and unemployment), distributed by FRED, Federal Reserve Bank of St. Louis; U.S. Treasury FiscalData (federal debt). Links and definitions appear in Sources & data status.