The Gold-Silver Ratio Is Expanding; What Next?

The gold-silver ratio is expanding again. This could signal that silver is setting up to resume its bull run. However, plenty of headwinds continue to buffet the market.

The gold-silver ratio shows how many ounces of silver it takes to buy one ounce of gold at their current spot prices.

In other words, it tells you the price of gold in silver ounces.

Historically, the ratio has averaged between 40-1 and 60-1 in the modern era. When the ratio expands far beyond that average, it tends to eventually snap back to that mean, often very quickly.

For instance, in 2020, the gold-silver ratio set a record of 123-1 as COVID hysteria gripped the world. The ratio then plunged to around 60-1 as central banks cranked up the money creation machine to cope with governments shutting down economies. At the same time, silver gained approximately 157 percent between March and August 2020, climbing from $11.64 to $29.86 per ounce.

More recently, the gold-silver ratio fell from around 82-1 in October 2025 to about 46-1 around silver’s $122 January peak. In April 2025, the ratio peaked around 105-1 as the market set up for the bull run later that year.