Gold vs. silver – the gold/silver ratio since 1999
The ratio between the gold and silver price is one of the most closely followed measures of how expensive one metal is relative to the other. The chart shows the full history since 1999.
Gold/silver ratio
Ounces of silver per ounce of gold
The two metals side by side
Gold price per gram
Silver price per gram
How to read the ratio
The ratio is calculated daily from the gold and silver price.
Peaks and troughs mean different things
When the figure spikes — as during the 2008 financial crisis and the pandemic in March 2020 — it's usually because panic buying lifts gold faster than silver, which is traded primarily as an industrial and investment metal. When the figure falls quickly, it's often a sign that economic optimism is pulling demand for silver up.
Can you trade on the ratio?
A classic — but slow — strategy is to switch between the metals: sell the more expensive one and buy the cheaper one when the ratio reaches extreme levels. The strategy requires patience over many years, and there's no guarantee the figure will revert to historical averages. The structure of the silver market has changed markedly since the 20th century.
Silver differs in two ways
First, the silver price is far more volatile — the same percentage move in both metals hits silver twice as hard, because the price level is lower. Second, silver is subject to VAT when bought in Denmark (25%), while investment gold is VAT-exempt. That makes silver a more expensive entry than the spot price suggests.
Questions and answers
What does the gold/silver ratio mean?
The ratio shows how many ounces of silver cost the same as one ounce of gold. If the figure is 85, you'd need to give up 85 ounces of silver for one ounce of gold — or 85 times as much per gram.
What is a normal level for the ratio?
Through the 20th century it typically moved between 15 and 50. Over the last 25 years it has sat markedly higher — often between 50 and 90 — because demand for silver as an industrial metal swings more than gold's role as a store of value.
What does a high ratio tell you?
A high figure means silver is historically cheap relative to gold. Some investors read this as silver having more room to run if the ratio reverts to historical averages — others simply see it as gold being in demand as a crisis asset while silver isn't.