Guide
The gold–silver ratio
The gold–silver ratio is the gold price divided by the silver price. It tells you how many ounces of silver one ounce of gold would buy.
On this page
The ratio today
One-year chart
52-week high 86.6 (21 Oct 2025)low 44.2 (26 Jan 2026)1-year change −18.5%
How to read it
- High ratio (say above 80): silver is cheap relative to gold. It tends to happen in downturns, when industrial demand for silver weakens and gold attracts safe-haven buying.
- Low ratio (say below 50): silver is expensive relative to gold, usually late in strong precious-metal rallies.
- Swapping strategy: some holders switch gold into silver when the ratio is high and back when it is low, aiming to grow the ounces they own. Costs, taxes and timing make this harder in practice than on paper.
Historical extremes
| When | Ratio | What happened |
|---|---|---|
| January 1980 | below 20 | Silver spiked to about $50 during the Hunt brothers episode |
| April 2011 | about 32 | Silver neared $50 again |
| March 2020 | above 120 | Silver collapsed in the pandemic sell-off; a modern record |
| 26 January 2026 | about 44 | Silver's record rally, days before the crash |
Historical figures are approximate and based on end-of-day prices.
Frequently asked questions
What is a good gold-silver ratio?
There is no fixed "right" level. Over recent decades the ratio has mostly moved between about 40 and 90. Readings near the top of that range have often been followed by silver outperforming gold, and readings near the bottom by the reverse, but not reliably or on any schedule.
Why did the ratio fall so much in January 2026?
Silver rose much faster than gold in the rally to its January 2026 peak, pushing the ratio to about 44. When silver crashed on 30 January, the ratio jumped back to about 60 in a single day.
Does the ratio work the same in rupees?
Yes. Import duty and GST are the same percentage for gold and silver in India, so the ratio of Indian prices per gram is the same as the international ratio, give or take local premiums.
Sources
Rules and figures checked on 29 September 2026. Live prices update on this page automatically.