Gold-Silver Ratio
68.7 ounces of silver per ounce of gold
Gold $4,103.50 per ounce · silver $59.76 per ounce. Every figure on this page is fixed at the time shown, so the arithmetic always adds up.
Silver spot $59.76/oz · updated
Quick answer: The ratio is 68.7:1 right now. It means one troy ounce of gold costs as much as 68.7 ounces of silver, found by dividing the gold price of $4,103.50 by the current silver price per ounce of $59.76. It is a comparison of two prices, not a signal.
How the ratio is calculated
The gold-silver ratio is one division. Take the spot price of a troy ounce of gold, divide it by the spot price of a troy ounce of silver, and the result is the number of silver ounces it takes to equal one ounce of gold.
With the live inputs on this page:
- Gold spot per troy ounce: $4,103.50
- Silver spot per troy ounce: $59.76
- $4,103.50 ÷ $59.76 = 68.7
Both prices must be in the same unit and the same currency. Per troy ounce in US dollars is the usual pairing, and it is the one used here. If you divided a per-gram gold price by a per-ounce silver price, the answer would mean nothing.
Because the ratio has two moving parts, it can change even when you think nothing happened. If silver climbs faster than gold, the ratio falls. If gold climbs and silver stalls, the ratio rises. If both fall by the same percentage, the ratio does not move at all. That is why a ratio reading says more about the relationship between the metals than about either one alone.
The page that tracks the silver side of the sum is the one about the current silver price per ounce, and the gold figure comes from the same feed, so the two numbers always share a timestamp.
Where the ratio sits now
Here is how the computed reading compares with the past:
At 68.7 the ratio is below its ten-year average of 80.6 (monthly closes), meaning an ounce of gold buys less silver than it usually has.
The ten-year average of the ratio is 80.6, and today's reading is 68.7. Over the last year the ratio reached a high of 86.6 on October 21, 2025. Those two figures give you a feel for how far the number can travel in twelve months, which is useful before you read anything into a single day's move.
Gold-silver ratio over time
How many troy ounces of silver one troy ounce of gold buys, worked out from the two price series on this site. The past year is daily, 5 years weekly, 10 years and all time month-end.
Data sources: Spot price via api.gold-api.com · COMEX futures (SI=F) via Yahoo Finance. Prices are for informational purposes only and may be delayed. Figures on this page were generated . Gold-silver ratio is quoted in US dollars per troy ounce.
The chart plots the ratio over time from the same price series the rest of the site uses. Hover over it to read a value for a given date. If you cannot see the chart, the table below carries the same information in text.
The 10-year range
| Year | High | Low | Year-end |
|---|---|---|---|
| 2016 | 82.8 | 66.4 | 72.2 |
| 2017 | 77.7 | 68.0 | 76.6 |
| 2018 | 86.6 | 77.7 | 82.8 |
| 2019 | 92.4 | 82.4 | 86.4 |
| 2020 | 113.0 | 69.6 | 72.0 |
| 2021 | 80.5 | 65.5 | 78.4 |
| 2022 | 96.9 | 75.3 | 76.5 |
| 2023 | 91.6 | 78.5 | 86.9 |
| 2024 | 90.8 | 76.4 | 89.1 |
| 2025 | 104.3 | 56.7 | 61.9 |
| 2026 | 71.7 | 44.2 | 69.0 |
The table lists the high, low and year-end ratio for each year. Over the full ten years, the highest monthly close of the ratio was 113.0 in April 2020, and the lowest monthly close was 60.6 in January 2026.
Those are the extremes of a ten-year window. A reading near one end of the range tells you where the ratio is compared with its own past. It does not tell you the range will hold, because ratios have no rule that keeps them between past highs and lows.
A note on resolution
The ten-year figures above come from monthly closes. A monthly close is one number per month: the ratio on the last trading day. It is a good way to see a long history without ten years of daily noise, and it is the reason the range table and long chart load quickly.
It has a cost. A month can contain a far sharper move than its closing figure shows. The lowest monthly close of the ratio was 60.6, but the lowest reading we hold on a daily basis was 44.2, on January 26, 2026. The two differ because the daily series catches the dip while the monthly series records only where that month ended.
So when you compare a number from this page with a number from another site, check what resolution each one uses. A "10-year low" built from daily data and a "10-year low" built from monthly data are different statements, and neither is wrong. We label which one we mean each time.
The same logic applies to the shape of the chart. A line drawn through monthly points looks smoother than the market felt on the days it happened. If you care about a specific week, you want daily data for that week.
What a high or low ratio does and doesn't mean
You will hear that a high ratio means silver is "cheap" against gold and a low ratio means it is "expensive." That is a story people tell about the number, and it is worth separating from what the number shows.
What a high ratio shows is that gold costs a lot of silver ounces. That can happen because gold rose, because silver fell, or both. What a low ratio shows is the opposite: gold costs fewer silver ounces than it did.
What the ratio does not show is a reason. Silver has a double life. More than half of its demand comes from industry, according to the Silver Institute, while gold is held mainly as a store of value. That means the two metals can respond to different forces at some moments and to the same forces at others. If industrial demand softens, silver can lag gold and the ratio rises. If silver outpaces gold on the way up, the ratio falls. We describe those forces on the page about why is silver price going up, and the same two-way logic applies here.
The ratio also says nothing about timing. A ratio that stays high for a long stretch has no obligation to come back down, and one that stays low has no obligation to bounce. People who watch it use it as a reference point for the relationship between the metals, and some use it to decide how much of each to hold. We do not make that call for you and we give no advice here.
A related point: the ratio is built from spot prices, which are a reference for large wholesale quantities. If you buy a coin or a bar, you pay a premium on top of spot, and premiums differ by metal and by product. That means the price relationship you meet as a retail buyer is not the one printed at the top of this page; see silver spot price vs. retail price for how the gap works.
Reading the ratio next to the price story
A ratio reading is most useful when you set it beside the history of each metal. For silver, the long view is on the silver price history page, which shows ten years of prices in one chart. The record that sits at the top of that history is covered on the silver price all-time high page, and it is a good reference for how violent the moves in silver can be.
Because the ratio is a quotient, it reacts to the size of each metal's move, not only its direction. Two metals can both rise in the same week and still push the ratio either way, depending on which one rose by the larger percentage.
Published views on where prices might go are collected, with who said them and when, on the silver price forecast page. We report them and make no prediction of our own, and the ratio is not one.
How to use the figure responsibly
Three habits keep the number honest.
First, compare like with like. Use the same unit, the same currency and, if possible, the same moment for both metals.
Second, state the resolution. If you quote a ratio high or low, say whether it is a daily or a monthly figure, as we do above.
Third, do not treat the ratio as an instruction. It is arithmetic. It cannot tell you whether to hold silver, hold gold, hold both or hold neither, and the only fair summary of a ratio of 68.7 is that one ounce of gold currently costs that many ounces of silver.
What this can't tell you
What this can't tell you: whether the ratio will move up or down from here, or which metal to hold. It compares two spot prices at one moment, and spot is a reference price, not the price a dealer will charge you. If you are weighing ways to buy, the markup over spot is explained on our guide to where to buy silver.
Frequently asked questions
What is the gold-silver ratio today?
It is 68.7:1, from a gold spot price of $4,103.50 and a silver spot price of $59.76. That means one troy ounce of gold costs as much as 68.7 troy ounces of silver. It refreshes with the price feed, so check the figure at the top of the page for the latest.
How do you calculate the gold-silver ratio?
Divide the spot price of one troy ounce of gold by the spot price of one troy ounce of silver, both in US dollars. With today's inputs that is $4,103.50 divided by $59.76. Always use the same unit for both metals, or the result will mean nothing.
Why do the monthly and daily lows differ?
The monthly low of 60.6 uses one closing value per month, while the daily low of 44.2 comes from every trading day. A sharp dip inside a month can show up in daily data and disappear from a monthly close. Neither is wrong; they measure different things.
Does a high ratio mean silver is cheap?
Not by itself. A high ratio only says gold costs many silver ounces. It can come from gold rising or silver falling, and it gives no reason or timing. Treat it as a comparison between two prices, not a verdict on either metal.
Keep going
To see how the silver side of this ratio is moving, return to today's silver spot price any time, or follow the pages below.
Sources and further reading
Keep reading
Data sources: Spot price via api.gold-api.com · COMEX futures (SI=F) via Yahoo Finance. Prices are for informational purposes only and may be delayed. Figures on this page were generated . Silver is quoted in US dollars per troy ounce.