Gold / Silver
Selected range · January 1960 — June 2026
About this chart
The Gold-to-Silver Ratio compares the price of one troy ounce of gold with the price of one troy ounce of silver.
Both metals have historically been used as stores of value, but their markets are not identical. Gold is primarily influenced by investment demand, central-bank activity, real interest rates, inflation expectations, currency movements, and demand for assets perceived as safe stores of value.
Silver also has a monetary and investment role, but a larger share of its demand comes from industrial uses, including electronics, solar energy, electrical equipment, and manufacturing. Silver can therefore be more sensitive than gold to changes in industrial activity and the economic cycle.
The ratio shows approximately how many ounces of silver are equal in market value to one ounce of gold.
For example, a ratio of 80 means that one ounce of gold is worth approximately the same as 80 ounces of silver, based only on their quoted market prices.
The ratio rises when gold becomes more expensive relative to silver. This can happen because gold prices rise faster, silver prices fall, or both occur at the same time.
A higher ratio means that gold is relatively stronger and silver is relatively cheaper compared with gold. High readings may be associated with stronger demand for gold, weaker industrial expectations, or periods in which investors place a greater value on defensive assets.
The ratio falls when silver becomes more expensive relative to gold. This may happen because silver rises faster, gold weakens, or both occur together.
A lower ratio means that silver is relatively stronger compared with gold. Lower readings may be associated with stronger industrial demand, increased investor interest in silver, or periods when economically sensitive assets perform more strongly.
The chart compares the ratio with its historical average. A reading above the average means that gold is relatively expensive compared with silver versus the full historical sample. A reading below the average means that silver is relatively expensive compared with gold.
The standard-deviation zones show how unusual the current ratio is relative to its previous observations. Values farther from the historical average represent less common historical relationships between the two metals.
The deviation line expresses the difference between the current ratio and its historical average as a percentage.
A deviation of 0% means that the ratio is equal to its historical average.
A positive deviation means that the ratio is above its average and gold is relatively stronger than silver.
A negative deviation means that the ratio is below its average and silver is relatively stronger than gold.
The ratio can provide useful long-term context about the relative valuation of gold and silver. It does not identify which metal will perform better next and should not be interpreted as an investment or market-timing signal.
Limitations
- The ratio compares spot or reference prices and does not include storage costs, transaction costs, financing costs, or investment-product fees.
- The model therefore does not measure the total returns of investable gold and silver products.
- Gold and silver have different market structures: gold is driven more by monetary and defensive demand, while silver also has substantial industrial use.
- Silver is generally more volatile and less liquid than gold, so the ratio can move sharply during periods of market stress or changes in industrial demand.
- Changes in mining supply, recycling, central-bank activity, exchange rates, real interest rates, and investor positioning can affect the relationship.
- The historical average and standard-deviation zones depend on the selected sample period and may be influenced by extreme commodity-market episodes.
- An unusually high or low reading can persist and should not be interpreted as a precise fair-value estimate or a market-timing signal.
Methodology
The Gold-to-Silver Ratio is calculated by dividing the monthly gold price by the monthly silver price.
The model calculates the arithmetic historical average of the full monthly Gold-to-Silver Ratio series. The standard deviation of the ratio is then used to create the ±1σ, ±2σ and ±3σ bands around that average. The percentage deviation measures how far the current ratio is above or below the historical average. The z-score standardizes that deviation relative to the historical variation in the percentage-deviation series. The model uses monthly observations beginning in January 1960.
Data sources
Monthly gold price in U.S. dollars per troy ounce
Range: January 1960 to the latest available observation
Source: DataHub, Gold Prices, based on historical records compiled by Timothy Green and World Bank Commodity Markets data; https://datahub.io/core/gold-prices
Monthly silver price in U.S. dollars per troy ounce
Range: January 1960 to the latest available observation
Source: World Bank, World Bank Commodity Price Data (The Pink Sheet), Silver; https://www.worldbank.org/en/research/commodity-markets