Tools
Gold-Silver Ratio Chart
Track the gold-to-silver ratio across historical timeframes. The ratio measures how many ounces of silver it takes to buy one ounce of gold.
What Is the Gold-Silver Ratio?
The gold-silver ratio is a simple calculation: divide the current gold price by the current silver price. The result tells you how many ounces of silver you would need to buy a single ounce of gold at current market prices. When the ratio is high, silver is relatively cheap compared to gold. When the ratio is low, silver is relatively expensive (or gold is relatively cheap).
Precious metals investors watch this ratio closely because it can signal potential opportunities to rotate between the two metals. A ratio above 80 has historically suggested silver is undervalued relative to gold, while a ratio below 40 has suggested the opposite.
Historical Context
Over the past 50 years, the gold-silver ratio has averaged roughly 60:1. It has swung widely between extremes:
- All-time high (~125:1): During the March 2020 pandemic selloff, the ratio spiked above 120 as silver prices collapsed faster than gold.
- Modern lows (~30:1 to 40:1): In 2011, strong silver demand pushed the ratio below 35. Industrial and investment demand drove silver to nearly $50 per ounce.
- Historic low (~15:1): In the 1980 Hunt Brothers squeeze, silver soared above $49 and the ratio briefly touched 15:1.
For a full breakdown of ratio-based trading strategies, read our gold-silver ratio trading guide. For the latest interpretation of where the ratio stands today, visit our gold-silver ratio analysis.
How to Use This Chart
Select a timeframe to see how the ratio has moved over different periods. The stats panel below the chart shows the period high, low, and average, along with the current reading. Hover (or tap on mobile) any point on the chart to see the exact date and ratio value.
Frequently Asked Questions
What does a high gold-silver ratio mean?
A high ratio (above 80) indicates that silver is cheap relative to gold. Historically, ratios at these levels have preceded periods where silver outperformed gold as the ratio reverted toward its long-term average.
What does a low gold-silver ratio mean?
A low ratio (below 40) suggests silver is expensive relative to gold. Some investors use this as a signal to swap silver holdings for gold, expecting the ratio to rise back toward the mean.
What is the long-term average gold-silver ratio?
Over the past five decades, the ratio has averaged approximately 60:1. However, the average has trended higher in recent decades, with the 21st-century average sitting closer to 68:1.
How is the ratio calculated on this page?
We divide the LBMA Gold PM Fix by the LBMA Silver Fix for each trading day where both prices are available. The current ratio displayed at the top uses the most recent build-time spot prices from our data feed.
Can I trade based on the gold-silver ratio?
Many investors use the ratio as one input in their decision-making process. Ratio-based trading involves swapping between gold and silver when the ratio reaches historical extremes. See our ratio trading guide for strategies, risks, and practical examples.