Market Intelligence
How many ounces of silver does it take to buy one ounce of gold? The gold-to-silver ratio is the oldest gauge in precious metals — a fast read on whether silver is cheap or expensive relative to gold. When it runs high, silver has historically been the bargain.
Gold / Silver Ratio
Ounces of silver per ounce of gold, since 1970
Current ratio
Long-term median
2020 record
What the gold / silver ratio tells you
The ratio simply divides the gold price by the silver price. At 67, it takes 67 ounces of silver to equal one ounce of gold. It’s the classic relative-value gauge for the two metals — and one of the most-watched signals among silver investors.
Here’s why it matters: the ratio is mean-reverting. When it spikes high, silver is historically cheap relative to gold, and silver has tended to outrun gold as the ratio falls back. When it drops low, silver is expensive relative to gold. The 2020 spike to roughly 125 — the most extreme in a century — preceded one of silver’s sharpest rallies.
How to read it
The dashed line marks today’s level. A high, falling ratio is the setup silver bulls look for; a low ratio suggests silver has already done the catching-up. At today’s ~67 the ratio sits close to its modern average — well off the 2020 extreme, but still far above the sub-20 readings of the bimetallic era.
- High ratio → silver cheap vs. gold. Low ratio → silver expensive vs. gold.
- Mean-reverting: extremes have marked turning points for silver.
- Since 1970 it has swung from ~17 (the 1980 silver mania) to ~125 (2020).
Frequently asked questions
What is the gold-to-silver ratio?
It’s the gold price divided by the silver price — the number of ounces of silver it takes to buy one ounce of gold. Today it’s about 67.
Is silver cheap or expensive versus gold right now?
At ~67 the ratio is near its modern average — silver is neither especially cheap nor expensive against gold, and well below the 2020 record of ~125.
What is a normal gold/silver ratio?
Since 1970 it has mostly ranged between about 30 and 100, with a long-term median near 63 and a record spike to ~125 in 2020. In the earlier bimetallic era it sat closer to 15–20.
What does a high gold-to-silver ratio mean?
A high ratio means silver is cheap relative to gold. Extremes have historically preceded silver outperformance — after the ratio spiked to a record ~125 in 2020, silver more than doubled within six months as the ratio normalized.
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Disclaimer. For informational purposes only and not investment advice or a recommendation. Built from third-party price data and not guaranteed to be accurate or complete. Always do your own research.
