The 2024/25 ski season delivers a historic shift in the gold-to-ski-pass ratio: one ounce of gold now buys 35.2 day passes, up 27.5% from last season’s 27.6 passes.
Although ski pass prices rose by about 6%—continuing a trend above general inflation—gold’s strong performance in 2024, with a 35.6% gain, has made skiing unusually affordable for holders of the metal.
This is the most favorable ratio in more than thirty years, exceeding the previous peak of roughly 29 passes per ounce during the 2012/13 season.
The contrast with the late 1990s is striking: in 1998/99 one ounce of gold bought only about 8.5 passes. That long-term change reflects an average annual appreciation in gold of approximately 6.8% over the intervening decades, making the current purchasing power of gold for ski passes historically strong.