Gold/Silver Ratio Since 1968
Gold is at $3,997 and silver at $53.78, so one ounce of gold buys 74.3 ounces of silver. That is higher than on 75% of trading days since 1968, against a long-run average of 59.0. The ratio hit a record 125.9 on March 18, 2020 and a low of 14.0 on January 2, 1980.
Live: spot gold and silver, Oct 22, 2026, 21:56 ET
Gold price ÷ silver price
Turning points
| Moment | Date | Ratio | Gold | Silver |
|---|---|---|---|---|
| Low as the London gold pool collapsed | Mar 14, 1968 | 14.1 | $35.20 | $2.49 |
| Low during the Hunt brothers' silver squeeze | Jan 2, 1980 | 14.0 | $559.50 | $39.95 |
| High after silver's 1980s collapse | Feb 25, 1991 | 100.8 | $357.65 | $3.55 |
| High in the 2008 financial crisis | Nov 21, 2008 | 84.5 | $774.50 | $9.17 |
| Low as silver peaked in 2011 | Apr 28, 2011 | 31.5 | $1,535.50 | $48.70 |
| High in the 2020 pandemic crash | Mar 18, 2020 | 125.9 | $1,477.30 | $11.74 |
Highest or lowest daily ratio within each episode.
How to read it
When the ratio is high, silver is cheap relative to gold — as in early 1991, late 2008 and March 2020, when investors fled to gold and silver's industrial demand looked weakest. When it is low, silver is expensive relative to gold — as in 1980 and 2011, when speculative buying drove silver up faster.
Silver is both a monetary and an industrial metal and its market is much smaller, so it tends to fall harder than gold in a crisis and rise faster in a boom. That is why the ratio usually rises when both metals fall and falls when both rally.
See the ratio's last 10 years on the silver charts page, or chart Dow ÷ silver and other pairs with the market history chart builder.
The ratio every five years
| Year | Gold/silver | Gold | Silver |
|---|---|---|---|
| 2026 latest | 74.1 | $4,038.40 | $54.54 |
| 2025 | 61.9 | $4,341.10 | $70.13 |
| 2020 | 72.0 | $1,895.10 | $26.33 |
| 2015 | 76.7 | $1,060.80 | $13.84 |
| 2010 | 45.9 | $1,405.50 | $30.63 |
| 2005 | 58.1 | $513.00 | $8.83 |
| 2000 | 59.9 | $274.45 | $4.58 |
| 1995 | 75.4 | $387.00 | $5.13 |
| 1990 | 92.1 | $386.20 | $4.19 |
| 1985 | 56.3 | $326.80 | $5.80 |
| 1980 | 37.8 | $589.75 | $15.59 |
| 1975 | 33.6 | $140.25 | $4.18 |
| 1970 | 22.9 | $37.38 | $1.63 |
Last trading day of each year ending in 0 or 5, plus the latest close.
Decade by decade
| Decade | Average | Low | High |
|---|---|---|---|
| 2020s | 81.3 | 44.2 | 125.9 |
| 2010s | 67.5 | 31.5 | 93.6 |
| 2000s | 61.6 | 43.7 | 84.5 |
| 1990s | 73.7 | 38.3 | 100.8 |
| 1980s | 52.7 | 14.0 | 77.6 |
| 1970s | 31.7 | 18.1 | 47.6 |
| 1960s | 20.5 | 14.1 | 26.4 |
Average, lowest and highest daily ratio in each decade (the 1960s from Jan 1968; the current decade so far).
Gold/Silver Ratio FAQ
What is the gold/silver ratio?
The price of one troy ounce of gold divided by the price of one troy ounce of silver, both in US dollars. It shows how many ounces of silver one ounce of gold buys. Because both metals are priced in the same currency, the ratio compares them directly, without inflation or exchange rates getting in the way.
What is the highest the gold/silver ratio has been?
In our daily data since 1968, the record is 125.9 on March 18, 2020. Earlier peaks came in February 1991 (101) and November 2008 (84).
What is the lowest?
About 14.0 on January 2, 1980. The low of the modern era was 31.5 on April 28, 2011, when silver came close to its 1980 record.
What is a "normal" gold/silver ratio?
There isn't one. Since 1968 the ratio has averaged 59.0. The often-quoted 15:1 or 16:1 comes from the official coinage ratios of the 19th century and from the amounts of each metal in the ground, not from market prices since 1968.
Does a high ratio mean silver will outperform?
Some investors switch from gold to silver when the ratio is high and back when it is low, but the ratio can stay at extremes for years, and past turning points were only clear in hindsight. It is a way of looking at history, not a forecast or investment advice.
Historical prices are provided for information and may contain errors. LBMA gold and silver prices are the property of their publishers and are shown for reference only. Past performance does not predict future results; nothing here is investment advice.