Gold-Silver Ratio
How many ounces of silver one ounce of gold buys, today and over the last 20 years: live value, percentile, yearly ranges and charts. Updated automatically from public data.
Gold-silver ratio, last 12 months (daily)
Gold-silver ratio since 2006 (weekly, gold price on the right axis)
Gold-silver ratio by year (daily closes)
| Year | High | Low | Average | Days |
|---|---|---|---|---|
| 2026 (so far) | 74.6 | 44.2 | 64.0 | 204 |
| 2025 | 105.4 | 56.7 | 88.3 | 252 |
| 2024 | 92.1 | 72.7 | 85.3 | 252 |
| 2023 | 91.6 | 76.7 | 83.7 | 250 |
| 2022 | 97.4 | 74.6 | 83.5 | 251 |
| 2021 | 82.0 | 63.4 | 71.8 | 252 |
| 2020 | 125.9 | 69.5 | 88.9 | 253 |
| 2019 | 93.6 | 80.0 | 86.3 | 252 |
| 2018 | 86.6 | 75.7 | 81.2 | 250 |
| 2017 | 79.6 | 67.7 | 74.0 | 251 |
| 2016 | 83.5 | 65.6 | 73.4 | 250 |
| 2015 | 80.1 | 69.3 | 74.1 | 252 |
| 2014 | 76.1 | 60.5 | 66.9 | 252 |
| 2013 | 67.3 | 52.0 | 59.9 | 252 |
| 2012 | 59.0 | 48.1 | 53.8 | 250 |
| 2011 | 57.5 | 32.0 | 45.2 | 252 |
| 2010 | 71.0 | 46.0 | 61.9 | 252 |
| 2009 | 77.4 | 58.5 | 66.9 | 252 |
| 2008 | 84.3 | 47.7 | 60.7 | 253 |
| 2007 | 57.5 | 46.7 | 52.1 | 252 |
| 2006 | 50.0 | 45.4 | 48.2 | 45 |
Source: COMEX gold (GC=F) and silver (SI=F) futures daily closes. Data updated . Updates automatically several times a day.
What the gold-silver ratio measures
At the latest close (2026-10-23), one ounce of gold bought about 74.6 ounces of silver. That is higher than 89% of daily readings over the last year (range 44.2 to 86.3) and higher than 56% of all readings since 2006, where the long-run average is 71.0.
The gold-silver ratio is simply the gold price divided by the silver price. If gold is $4,000 and silver is $50, the ratio is 80: it takes 80 ounces of silver to buy one ounce of gold. Because both metals are quoted in dollars, the ratio strips the dollar out and shows the relative value of the two metals to each other. A rising ratio means gold is outperforming silver; a falling ratio means silver is catching up or gold is lagging.
Traders watch it for two reasons. First, it is one of the oldest relative-value measures in finance, so there is a long record to compare against. Second, gold and silver respond to different forces: gold mainly to real interest rates, the dollar, central bank buying and fear; silver to those same forces plus industrial demand from electronics, solar panels and manufacturing. The ratio is a quick read on which set of forces is winning.
Historical ranges
For most of recorded history the ratio was set by governments. Ancient and medieval mints often fixed it between 10 and 16, and the United States Coinage Act of 1792 set it at 15 to 1. Once silver was demonetised in the late 19th century the ratio floated and rose, spending much of the 20th century between roughly 40 and 80 with wide swings: it fell toward the teens in 1980 during the silver spike and rose toward 100 in 1991.
In the data on this page (since 2006), the extremes were a low of about 32.0 and a high of about 125.9. The high came in March 2020, when a rush into gold and a collapse in industrial demand pushed silver down faster than gold; the low came in April 2011, at the top of that year's silver rally. The table of yearly highs, lows and averages shows how wide a single year's range can be, which is a reminder that the ratio is volatile in its own right.
How traders use the ratio
- Relative-value context. A ratio far above its long-run average says gold is expensive relative to silver by historical standards, and vice versa. That is a description of the present, not a prediction.
- Metal switching. Some long-term holders of physical metal or ETFs move part of their holding from gold to silver when the ratio is historically high and back when it is low, aiming to accumulate more ounces over decades. This is slow and ignores storage and spread costs.
- Pair trades. A long position in one metal against a short in the other isolates the ratio from the direction of the metals. It needs two spreads, two swaps and a plan for the ratio staying stretched far longer than expected.
- Reading the gold move. If gold rises while the ratio falls, silver is rising even faster, which usually points to a broad commodity or risk-on move. If gold rises while the ratio rises, it is more likely a safe-haven or rates-driven move. This context helps you choose which gold driver to watch.
Why the ratio is not a signal
The ratio has no fixed anchor. The average of the last 20 years is different from the average of the last 100, and the forces that set it keep changing: silver's industrial share has grown, central banks buy gold but not silver, and investment products have altered flows into both. A ratio that looks extreme against one history can be ordinary against another.
Mean reversion, when it happens, is slow. The ratio can stay above 80 for years, and it reached its 2020 high after many analysts had already called it stretched. A leveraged position that waits for the ratio to normalise can run out of margin or patience long before it does. Treat the ratio as one more piece of background, alongside the real yield and dollar charts, COT positioning and the economic calendar, and keep every XAUUSD trade sized by its own stop with the position size calculator.
Frequently asked questions
What is the gold-silver ratio?
It is the gold price divided by the silver price: how many ounces of silver buy one ounce of gold. At the latest close it was about 74.6, meaning one ounce of gold was worth roughly 75 ounces of silver. It is a relative-value measure, not a price forecast.
What is a normal gold-silver ratio?
In the data on this page (since 2006), the ratio has ranged from about 32.0 to 125.9 with an average near 71.0. Over the 20th century it was often quoted around 50 to 60, and in the 19th century governments fixed it near 15 to 16. There is no single normal level; the range drifts with monetary systems, industrial demand and investor behaviour.
Does a high ratio mean silver is cheap?
It means silver is cheap relative to gold compared with the past. That is not the same as cheap in absolute terms, and the ratio can stay high for years. Some investors use a high ratio to tilt from gold toward silver and a low ratio to tilt back, but this is a slow, portfolio-level idea, not a trade signal.
Why does the ratio spike in a crisis?
Gold tends to be bought as a safe haven while silver, which has large industrial use, tends to fall with economic activity. In March 2020 the ratio briefly rose above 120 in this data as silver dropped faster than gold. When growth recovers, silver often catches up and the ratio falls.
Where does this data come from?
Daily closes of COMEX gold (GC) and silver (SI) futures from a public market-data feed. Futures track spot XAUUSD and XAGUSD closely but not exactly, so the ratio can differ by a small amount from one calculated with spot prices. The page refreshes automatically several times a day.
Can I trade the gold-silver ratio?
Some traders pair a long position in one metal with a short in the other, betting the ratio will move toward its average. This needs two positions, two spreads, two swaps and patience, because mean reversion can take years. For most retail gold traders the ratio is best used as context for how gold is behaving compared with its sister metal.
Educational tool only. Not financial advice and not a signal. Check your own broker's contract specification, margin rules and costs. Past data does not predict future prices. See our risk disclaimer.