What is the gold-silver ratio?

It is the number of ounces of silver that one ounce of gold buys, calculated by dividing the gold price by the silver price. It isolates monetary demand, which both metals share, from industrial demand, which is largely silver-specific.

What does a rising gold-silver ratio mean for gold?

It means gold is outperforming silver, which usually indicates defensive, monetary-driven demand — haven flows, rate-cut expectations or reserve accumulation. Gold rallies that occur with a rising ratio tend to have a less price-sensitive buyer base.

Is there a normal level for the gold-silver ratio?

No. Its long-run level depends on mine supply economics, industrial substitution and the monetary regime, all of which drift over decades. It has spent long periods in the 60s to 90s and spiked above 100 in acute stress, with no anchor forcing it back.

Can I trade the gold-silver ratio?

Only as a volatility-weighted spread. Silver is materially more volatile than gold, so equal notional in each leg produces a position dominated by the silver side. Mean-reversion trades on the ratio can bleed for years while it stays extended.

Where does your silver data come from?

Silver futures settlement data, used as a fallback because our primary intraday vendor gates XAG/USD behind a paid tier. It is suitable for a monthly regime gauge, not for intraday ratio trading.

THE GOLD-SILVER RATIO

Name: Gold-silver ratio, monthly since 2015
Creator: GoldHunts
License: https://creativecommons.org/licenses/by/4.0/

The gold-silver ratio is the number of silver ounces one gold ounce buys. A rising ratio means gold is outperforming silver, which usually signals defensive, monetary-driven demand. A falling ratio signals industrial and risk-seeking demand. It is a regime gauge for gold traders, not a mean-reverting trade.

The gold-silver ratio is the number of silver ounces one gold ounce buys, and it separates the monetary demand both metals share from the industrial demand largely specific to silver.

A rising ratio signals defensive monetary demand for gold; a falling ratio signals industrial and reflationary demand where gold follows the broader commodity complex.

GoldHunts publishes the monthly ratio since January 2015 as a free CSV. The ratio has no equilibrium level, so it works as a regime gauge for gold positioning rather than as a mean-reversion trade.