Hi KK,
There are no ratios to analyse value of gold, just as one cannot value of diamonds based on some ratio. One can argue that the value of gold is derived basis demand and supply - (just as it is for other commodities such as crude, copper and such) Though gold has other attributes such as store of value or a safe commodity which appreciates in case of war or in case of hyper inflation. Also, cost of product may be another factor that can play a part in how gold is valued, but this may be only partly true.... just as in case of say crude, which has different cost of production in different countries, but at times, may sell much above or at times even at cost or below, as the demand supply scenario and economic fundamentals dictate. In essence, gold has only the value which people are willing to pay for it.... Just my view.