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Gold-silver ratio: where it stands and what its history shows

By Saad El Soussi, UAE-authorized finfluencer · Updated 2026-11-08

On 4 November 2026 the gold-silver ratio was 78.1: gold closed at $4,073.0 and silver at $52.12 per ounce, so one ounce of gold bought 78.1 ounces of silver. Since August 2000 the ratio has ranged from 32.0 (25 April 2011) to 125.9 (18 March 2020), with a middle value of 68.5; today it sits higher than on 74% of days. The ratio is a measurement, not a signal: it has fallen back after most past readings above 80, but the sample is small and the timing was never predictable.

What the gold-silver ratio is

It is the gold price divided by the silver price, both per troy ounce. A ratio of 78.1 means one ounce of gold costs the same as 78.1 ounces of silver. It rises when gold gains on silver (or silver falls faster) and falls when silver outperforms. Today: $4,073.0 ÷ $52.12 = 78.1.

It is a relative price, so it says nothing about whether either metal is high or low in dollars. Both can rise while the ratio falls, which is exactly what happened from April 2025 to January 2026.

The ratio year by year

Year	Average	Lowest	Highest	Last close of year
2000 (from Aug)	56.6	55.0	60.0	59.3
2001	62.3	54.7	68.3	60.9
2002	67.6	59.8	74.5	72.4
2003	74.5	68.0	82.0	69.8
2004	61.6	51.0	68.4	64.3
2005	60.9	55.3	66.7	58.6
2006	52.8	43.6	62.3	49.6
2007	52.1	46.7	57.5	56.4
2008	60.7	47.7	84.3	78.4
2009	66.9	58.5	77.4	65.1
2010	61.9	46.0	71.0	46.0
2011	45.2	32.0	57.5	56.2
2012	53.8	48.1	59.0	55.5
2013	59.9	52.0	67.3	62.1
2014	66.9	60.5	76.1	76.1
2015	74.1	69.3	80.1	77.0
2016	73.4	65.6	83.5	72.2
2017	74.0	67.7	79.6	76.6
2018	81.2	75.7	86.6	82.8
2019	86.3	79.9	93.6	85.2
2020	88.9	69.5	125.9	72.0
2021	71.9	63.4	82.0	78.4
2022	83.5	74.6	97.4	76.5
2023	83.7	76.7	91.6	86.9
2024	85.3	72.7	92.1	91.3
2025	88.3	56.7	105.4	61.9
2026 (to 4 Nov)	64.5	44.2	79.5	78.1

Two things stand out. The 2010s and early 2020s lived mostly between 65 and 95, much higher than the 2000s. And 2025-26 broke the pattern: the ratio hit 105.4 on 21 April 2025, then fell to 44.2 on 26 January 2026 (the lowest since 2012) as silver rose from $32.50 to $115.08 (more than threefold), before falling back to 78.1. The long-run median of 68.5 is an average of very different eras, not a target.

What happened after the ratio crossed 80, 90 and 100

We looked at the first day the ratio closed above a level, ignoring repeat crossings within 120 days, and checked where it stood 250 trading days later (about a year).

First close above	Cases	Ratio lower a year later	Silver beat gold
80	6	4 of 6	4 of 6
90	6	4 of 6	4 of 6
100	2 (Mar 2020, Apr 2025)	2 of 2	2 of 2

The best-known cases: 13 March 2020 at 104.8, a year later 65.8 (gold +13.7%, silver +81.0%); 4 April 2025 at 104.3, a year later 64.3 (gold +54.2%, silver +149.8%). The failures matter as much: 5 February 2018 above 80 was followed by 83.0 a year later (gold -1.4%, silver -4.8%) and 29 September 2021 by 89.6 (gold -5.0%, silver -14.9%). So "ratio high, so buy silver" worked in about two cases in three here, while the other third lost money in silver and the ratio kept rising. With six cases, some of them overlapping in time, this is a story, not a rule.

Readings under 50 are rarer: the ratio first closed under 50 in April 2006, February 2008, November 2010, February 2012 and January 2026. We draw no conclusion from five cases.

Silver moves more than gold

Over the whole sample the daily moves of the two metals are 0.78 correlated, and silver’s daily move was on average 1.45 times gold’s (regression slope). On days when gold rose 1% or more (1,015 days) silver rose on average 2.28% against gold’s 1.69%; on days gold fell 1% or more (883 days) silver fell 2.76% against 1.84%. Annualised volatility: gold 18.0%, silver 33.6% over 26 years; in the last 252 trading days gold 28.3% and silver 68.9%. That is why the ratio swings: silver is the more violent half of the pair, in both directions.

How traders use it, and the limits

As context, not an entry. A ratio far from its usual range tells you the two metals are priced unusually against each other, nothing about when that will change. In 2020 it went from 90 to 126 in seven weeks.
Size silver for its volatility. A $10 stop means something very different on silver than on gold; use the lot size calculator and read stop loss first.
Mind the costs. Switching between metals pays spread twice, and both metals’ moves are much larger than the ratio’s monthly drift.
Remember the base rate. The long-run median is 68.5 but 2013-2024 averaged 77.4: waiting for "normal" has often meant waiting years.

For the gold side of the story see gold price today, gold price history and XAU/USD explained. Limits: futures closes, front-month roll effects possible, US dollars, 26 years only, six independent-looking cases. Run date: 6 November 2026.

Key points

Gold-silver ratio = gold price ÷ silver price per ounce; 78.1 on 4 Nov 2026 ($4,073.0 and $52.12).
Range since August 2000: 32.0 (April 2011) to 125.9 (March 2020); median 68.5; now higher than on 74% of days.
2025-26 was extreme: 105.4 in April 2025, 44.2 in January 2026, 78.1 now.
After a first close above 80 or 90 the ratio was lower a year later in 4 of 6 cases each, and silver beat gold in 4 of 6; above 100, 2 of 2.
Silver moves about 1.45 times as much as gold, so the ratio is volatile. It is context, not a trade signal. Trading is risky and most retail accounts lose money.

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Questions people ask

What is the gold-silver ratio today?

On 4 November 2026 it was 78.1: gold closed at $4,073.0 and silver at $52.12 per ounce on COMEX futures. The long-run median since 2000 is 68.5.

What is a high gold-silver ratio?

Above about 80 has been high in this data: readings that high appeared in 2003, 2008 and most years from 2015 to 2025 (not 2017). The record is 125.9 on 18 March 2020. Whether high means "silver cheap" has depended on the era; after the first close above 80 the ratio was lower a year later in 4 of 6 cases.

What was the lowest gold-silver ratio?

32.0 on 25 April 2011, the low in data since August 2000. In January 2026 it fell to 44.2, the lowest since 2012.

Does a high gold-silver ratio mean silver will outperform?

Not reliably. After six first closes above 90, silver beat gold over the next 250 trading days in four, but in 2018 and 2021 the ratio kept rising and silver lost more than gold. It is context, not a timing tool.

Why is silver more volatile than gold?

In this data silver’s daily moves averaged 1.45 times gold’s, and its annualised volatility was 33.6% against 18.0% over 26 years. A smaller, more industrial and more speculative market usually moves further on the same news.

Authorized in the UAESaad Nizar El Soussi, founder of SesTrading, is listed by the UAE Capital Market Authority as an authorized finfluencer (entry 193, added 24 September 2026). Check the official list.