The gold-silver ratio currently sits at about 1:83 — one ounce of gold costs as much as 83 ounces of silver. Historically it has mostly moved between 40 and 90. Some read high values as a sign that silver is relatively cheap; the figure is not a reliable buy signal.
The arithmetic is simple: the gold price per troy ounce divided by the silver price per troy ounce. Both must be quoted in the same currency.
Because both prices move in the same unit, the ratio is currency-neutral. It changes only when the relationship between the metals shifts — not when the euro or the dollar appreciates or depreciates.
Over recent decades the ratio has mostly sat between 40 and 90. In phases of strong silver demand it fell into the 30s; in crises marked by a flight into gold it rose above 100. There is no natural equilibrium value: the often-quoted 1:15 relationship comes from a time when both metals were currency metals with fixed exchange rates. That basis disappeared over a century ago.
About half of silver demand comes from industry — photovoltaics, electronics, medical technology. That demand tracks the economic cycle. Gold, by contrast, is bought mainly as a store of value and for jewellery, which is steadier.
On top of that, the silver market is considerably smaller. The same absolute sums of money move the price further. So if you buy silver, expect larger swings in both directions than with gold.
The figure compares metal prices, not purchase prices. In Germany, silver carries 19 percent VAT while investment gold carries none. That shifts the relationship between actual final prices noticeably against silver.
So work with final prices when you make a buying decision: the metal ratio can look attractive while the real round-trip cost of silver is considerably higher because of tax and a larger premium.
If you want to use the ratio as a switching rule, build the tax and the premium on both sides into the calculation — otherwise the round trip eats up the supposed advantage.
It sits at around 1:83 — one troy ounce of gold costs roughly as much as 83 troy ounces of silver. The figure changes daily with both prices.
Divide the gold price per troy ounce by the silver price per troy ounce, both in the same currency. At €2,312.45 and €27.83 that gives 83.1.
Not necessarily. A high ratio shows that silver is cheaply valued relative to gold, but says nothing about future performance. There has been no natural equilibrium value since the end of the currency link.
Because about half of silver demand comes from industry and therefore tracks the economic cycle. The silver market is also smaller, so the same sums of money move the price further.
Prices as at July 2026. Historical ranges say nothing about future performance. Not investment advice.