Ratio
Gold-Silver Futures Ratio
Gold futures divided by silver futures. From 2026-10-09 the series uses Yahoo GC=F and SI=F; earlier observations use LBMA spot benchmarks. Source changes and contract rolls can cause discontinuities unrelated to market moves.
Gold-Silver Futures Ratio latest observations
- Observed
- 2026-10-28
- Latest
- 75.12 x
- Change from previous
- ▲ +0.07 x
Check the observation dates in both the summary and chart; release and refresh times can differ.
At a glance
Gold-Silver Futures Ratio: latest value and prior change
As of 2026-10-27, Gold-Silver Futures Ratio is 75.92 x. It is 1.28 x higher than 74.64 x on 2026-10-26.
Within the default comparison window of 1,000 observations from 2021-10-20 to 2026-10-27, the latest value is at the tie-adjusted 22nd percentile. Available history covers 1990-07-25 to 2026-10-27 with 6,140 observations.
- Observed on
- Default comparison window
- 2021-10-20–2026-10-27
- Observations · observed cadence
- 1,000 · Daily
- Data source
- Yahoo Finance
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
2026-07-24 → 2026-10-27 · x
- First
- 69.74 x
- 2026-07-24
- Latest
- 75.92 x
- 2026-10-27
- Window low
- 64.86 x
- 2026-09-18
- Window high
- 75.92 x
- 2026-10-27
The horizontal axis follows observation order; calendar intervals may differ. High and low refer to observed values within this window, not intraday or all-time extremes. Ties show the first observation date.
Time-series chart
Gold-Silver Futures Ratio
1990-07-25–2026-10-27
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.
| Observed | Value | Previous date | Difference (current − previous) |
|---|---|---|---|
| 2026-10-27 | 75.92 x | 2026-10-26 | 1.28 x |
| 2026-10-26 | 74.64 x | 2026-10-23 | 0.02 x |
| 2026-10-23 | 74.62 x | 2026-10-22 | 0.48 x |
| 2026-10-22 | 74.14 x | 2026-10-21 | 1.87 x |
| 2026-10-21 | 72.27 x | 2026-10-20 | 0.48 x |
| 2026-10-20 | 71.79 x | 2026-10-19 | -1.23 x |
| 2026-10-19 | 73.02 x | 2026-10-16 | -0.34 x |
| 2026-10-16 | 73.36 x | 2026-10-15 | -0.01 x |
| 2026-10-15 | 73.37 x | 2026-10-14 | -0.58 x |
| 2026-10-14 | 73.95 x | 2026-10-13 | 3.34 x |
Source: Yahoo Finance
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.
Price basis change on 2026-10-09
From 2026-10-09, gold and silver use Yahoo futures GC=F and SI=F, and the ratio uses both futures on matching dates. Earlier observations use LBMA spot benchmarks. Futures reflect delivery terms and carrying costs. Changes across the source transition or contract rolls are not investment returns.
What it means
A rising ratio means gold is outperforming silver. The ratio can rise when both prices rise or when both fall, so check each metal's percentage change over the same period.
- First check that both prices use the same currency, weight unit and observation time.
- In a hypothetical example, gold rising 2% and silver falling 3% increases the ratio by about 5.2% (1.02 / 0.97 - 1).
- State the lookback period when comparing historical averages or extremes. No single ratio level is a universal boundary for economic or financial stress.
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.
- After a ratio rise, record gold, silver, dollar and rate changes over the same period to see which asset moved most.
- Simultaneous silver and copper gains do not establish better earnings for Korean cyclicals. Check the company's input costs and revenue mix in its disclosures.
- On sharp ratio spikes, first separate whether the move came from gold strength or silver weakness.
Related views
Related indicators and radar
Gold
A defensive asset gauge tied to real rates, the dollar, and safety demand.
Shows whether ratio strength is driven by gold demand.
Silver
A metal with both precious-metal and cyclical commodity traits.
Checks whether silver weakness is driving the ratio.
VIX Index
The U.S. equity volatility gauge for global risk aversion.
Compares defensive demand with volatility stress.
Copper
A classic cyclical commodity gauge for manufacturing and construction.
Adds a cyclical commodity cross-check.