Gold-Silver Ratio

How many ounces of silver one ounce of gold buys — the gold price divided by the silver price. A rising ratio points to defensive demand, while a falling ratio suggests industrial demand and risk appetite are leading.

Latest

67.14 x

+1.08 x

Date2026-09-07

History1990-07-25–2026-09-07

Observations6,111

LBMA

At a glance

Gold-Silver Ratio: latest value and prior change

As of 2026-09-07, Gold-Silver Ratio is 67.14 x. It is 1.08 x higher than 66.06 x on 2026-09-04.

Within the default comparison window of 1,000 observations from 2021-09-09 to 2026-09-07, the latest value is at the tie-adjusted 11th percentile. Available history covers 1990-07-25 to 2026-09-07 with 6,111 observations.

Observed on: 2026-09-07
Default comparison window: 2021-09-09–2026-09-07
Observations · observed cadence: 1,000 · Daily
Data source: LBMA

A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.

Time-series chart

Gold-Silver Ratio

1990-07-25–2026-09-07

Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.

Recent observations and calculated changes

The ten latest chart observations. Change subtracts the previous observation; intervals vary with holidays, release schedules and missing data. A difference in rates or ratios is not an investment return.

Gold-Silver Ratio · x
Observed	Value	Previous date	Difference (current − previous)
2026-09-07	67.14 x	2026-09-04	1.08 x
2026-09-04	66.06 x	2026-09-03	-1.99 x
2026-09-03	68.05 x	2026-09-02	-0.75 x
2026-09-02	68.80 x	2026-09-01	1.59 x
2026-09-01	67.21 x	2026-08-28	2.27 x
2026-08-28	64.94 x	2026-08-27	-1.79 x
2026-08-27	66.73 x	2026-08-26	-0.89 x
2026-08-26	67.62 x	2026-08-25	-0.39 x
2026-08-25	68.01 x	2026-08-24	0.14 x
2026-08-24	67.87 x	2026-08-21	1.95 x

Source: LBMA

Interpretation guide

How to read the gold-silver ratio as a risk signal

The gold-silver ratio divides the gold price by the silver price. Gold usually behaves more defensively, while silver has both precious-metal and industrial demand traits, so the ratio helps frame whether markets are leaning toward safety or cyclical risk.

What it means

A rising ratio means gold is outperforming silver. That often appears when investors are more concerned about slowdown risk, financial stress, a stronger dollar, or pressure from real rates.

Below 60x usually points to stronger silver and cyclical-risk appetite.
The 60-80x area is a more neutral zone where confirmation from other risk gauges matters.
Above 80x suggests defensive demand; above 90-100x can mark a more stressed market backdrop.

Interpretation rules

The ratio should not be used as a standalone buy or sell signal. A move caused by gold strength is different from a move caused by silver weakness.

A rising ratio together with a rising VIX and stronger dollar supports a more defensive read.
A falling ratio with stronger copper, silver, and equities supports a more cyclical risk-on read.
Extreme ratios can stay extreme, so do not rely on mean reversion before trend evidence changes.

How to respond

Use the ratio as a market-temperature filter before changing equity, commodity, or defensive exposure. It is best combined with volatility, FX, rates, and breadth.

If the ratio is above 80x and still rising, review leverage, position size, and stop discipline.
If it falls below 60x while silver and copper improve, cyclical candidates deserve more attention.
On sharp ratio spikes, first separate whether the move came from gold strength or silver weakness.

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