Gold-Silver Ratio 2026: Live Tracker & Historical Analysis
We quantify when gold and silver decouple — tracking the Au/Ag ratio, rolling correlation, and relative momentum. Research-only. Independent.
Last updated: Apr 8, 2026 · Gold: $4,709/oz · Silver: $75/oz · Ratio: 62.8
QUICK ANSWER · AS OF Apr 8, 2026
What is the gold-silver ratio in 2026?
The gold-silver ratio is 62.8:1 (gold $4,709/oz, silver $75/oz) — near the long-term average of ~62. GSRI composite: 53/100 (HIGH). Current regime: Gold ↑ / Silver ↓.
Au/Ag Ratio
62.8:1
30D Corr
0.78
Regime
Gold ↑ / Silver ↓
GSRI
53/100 (HIGH)
The ratio has risen from a 14-year low of ~50 in January 2026 to 62.8 as silver corrected more sharply than gold. Gold's safe-haven premium is reasserting over silver's industrial sensitivity.
GSRI 53/100 — Gold-silver ratio at 62.8:1 — near the historical average of ~62. Ratio rose from 50 (Jan 2026 low) as silver corrected more than gold.
Au/Ag Ratio
62.8:1
30D Corr
0.78
Regime
Gold ↑ / Silver ↓
GSRI Composite Score
Ratio Deviation (40%)
94/100
Gold/Silver ratio at 62.8 (3y avg: 82.0, below by 19.2 / 23%).
Correlation Break (35%)
17/100
30D correlation: 0.78 (baseline: 0.85). Correlation is falling — break magnitude: 0.07.
Relative Momentum Spread (25%)
39/100
30D spread: +9.7pp (Gold: +7.2%, Silver: -2.5%). Gold outperforming by 9.7pp.
Interpretation: A high GSRI score means gold and silver pricing have decoupled from their recent relationship. This can signal shifts in industrial demand, safe-haven preference, or speculative positioning.
Gold/Silver Ratio — 2026
The gold-silver ratio measures how many ounces of silver are needed to buy one ounce of gold. A rising ratio means gold is outperforming silver — typically associated with risk-off sentiment or weakening industrial demand.
| Metric | Value | Context |
|---|---|---|
| Current ratio | 62.8:1 | Near historical average |
| Historical average | 62:1 | Since 1970s |
| 3-year average | 82:1 | 2023–2025 rolling |
| 52W high | 90.2:1 | 2025-06-15 |
| 52W low | 50:1 | 2026-01-15 |
| COVID-19 peak (2020) | 124.4:1 | All-time modern high |
| All-time low (1980) | 14:1 | Hunt Brothers squeeze |
| Gold spot | $4,709/oz | YTD: +9.5% |
| Silver spot | $75/oz | YTD: -11.2% |
Prices as of Apr 8, 2026. Sources: Derived from publicly available market observations.
Rolling Correlation — Gold vs Silver
Rolling Pearson correlation of daily log returns. Gold and silver historically have very high correlation (~0.85+). Breaks below 0.70 signal meaningful divergence.
| Window | Correlation | Interpretation |
|---|---|---|
| 30D | 0.78 | Slightly below baseline |
| 90D | 0.72 | Below baseline — divergence signal |
| 180D | 0.80 | Near normal |
| 3Y Baseline | 0.85 | Normal precious metals co-movement |
Regime signal: Correlated — 30D correlation at 0.78, slightly below historical baseline of 0.85. Break magnitude: 0.07.
Precious Metals Regime Map
Four-quadrant classification based on 30-day trailing returns for gold and silver.
Gold ↑ / Silver ↑
Precious metals rally (silver higher beta)
Gold ↓ / Silver ↑
Industrial demand surge / speculative squeeze
Gold ↑ / Silver ↓
Safe-haven premium / industrial weakness
← CURRENT
Gold ↓ / Silver ↓
Broad precious metals selloff / USD strength
Current regime
Gold ↑ / Silver ↓
Historical frequency
22%
of months since 1990
Avg duration
5.3
months
30D spread
+9.7pp
Gold − Silver
Gold is outperforming silver, pushing the ratio higher. This regime typically signals risk-off sentiment where gold's monetary/safe-haven properties are valued over silver's industrial demand component. Central bank buying and geopolitical uncertainty are supporting gold while silver faces headwinds from slowing industrial demand expectations.
Divergence Drivers — Context Only (Not Scored)
These factors help interpret the regime but do not enter the GSRI score.
Silver has ~50% industrial demand (electronics, solar, AI data centers). When growth expectations weaken, silver underperforms gold, pushing the ratio higher.
Central banks buy gold, not silver. Record central bank gold purchases since 2022 have structurally supported gold relative to silver.
Silver demand from solar panels and AI data center infrastructure is growing structurally, providing a floor for silver prices and compressing the ratio.
When both gold and silver rally on monetary/inflation fears, silver typically outperforms gold (higher beta), compressing the ratio.
Historical Divergence Episodes
Past patterns do not predict future outcomes.
| Period | Ratio | Regime | What happened |
|---|---|---|---|
| Jan 1980 | 14:1 | Gold ↓ / Silver ↑ | Silver spiked to $50/oz; ratio collapsed to all-time low of ~14. |
| 1991 | 100:1 | Gold ↑ / Silver ↓ | Silver demand collapsed with industrial slowdown; ratio spiked above 100. |
| Apr 2011 | 32:1 | Gold ↑ / Silver ↑ | Silver hit $49/oz; ratio compressed to ~32 before silver crashed 35% in 5 days. |
| Mar 2020 | 124.4:1 | Gold ↑ / Silver ↓ | Silver crashed harder than gold on industrial demand fears; all-time high ratio. |
| Feb 2021 | 65:1 | Gold ↓ / Silver ↑ | Brief silver spike to $30; ratio compressed from 70 to 62 before reverting. |
| Jan 2026 | 50:1 | Gold ↑ / Silver ↑ | Ratio hit 14-year low of ~50 as silver surged on AI/solar demand + monetary bid. |
Macro Context
DXY
97.5
10Y TIPS
1.78%
VIX
19.9
Au/Ag Ratio
62.8:1
Dollar weakness (DXY ~97.5) supports both precious metals. Elevated real yields (1.78%) are not suppressing gold — unusual. Silver faces headwinds from slowing manufacturing PMIs despite structural demand from solar/AI sectors. The ratio rising from 50 to 63 in Q1 2026 reflects gold's safe-haven premium over silver's industrial sensitivity.
Data Freshness
| Data Source | Cadence | Lag | As of |
|---|---|---|---|
| Gold Spot (derived) | End of day | ~24 hours | Apr 8, 2026 |
| Silver Spot (derived) | End of day | ~24 hours | Apr 8, 2026 |
| Correlation | Recalculated daily | ~24 hours | Apr 8, 2026 |
| Returns / Regime | Recalculated daily | ~24 hours | Apr 8, 2026 |
Methodology — GSRI v0.1-beta
GSRI is a weighted average of 3 independent components:
1) Ratio Deviation (40%)
score = min(|current_ratio − baseline_3y| / (0.25 × baseline_3y) × 100, 100)
A 25% deviation from the 3-year average ratio = score of 100.
2) Correlation Break (35%)
score = min(|corr_30d − corr_baseline| / 0.4 × 100, 100)
A 0.4 shift away from baseline = score of 100. Gold-silver baseline is ~0.85.
3) Relative Momentum Spread (25%)
score = min(|gold_30d_return − silver_30d_return| / 25 × 100, 100)
A 25 percentage-point 30D spread = score of 100.
Signal thresholds: LOW (0–24) · ELEVATED (25–49) · HIGH (50–74) · CRITICAL (75–100)
Known limitations: Spot prices are end-of-day observations; correlation is backward-looking; the ratio does not account for physical premiums, storage costs, or futures contango/backwardation. v0.1-beta uses no volatility normalization.
Version: v0.1-beta · Research use only — not a trading signal.
Frequently Asked Questions
What is the gold-silver ratio? ▾
The gold-silver ratio is the number of ounces of silver needed to buy one ounce of gold: Gold (USD/oz) ÷ Silver (USD/oz). Current: $4,709 / $75 = 62.8. The long-term historical average is approximately 62:1.
What is the current gold-silver ratio in 2026? ▾
As of Apr 8, 2026, the gold-silver ratio is 62.8:1. Gold is at $4,709/oz and silver at $75/oz. The ratio has risen from a 14-year low of ~50 in January 2026 to the current level as silver corrected more sharply than gold.
What does a high gold-silver ratio mean? ▾
A high gold-silver ratio (above 80) typically signals risk-off sentiment, recession fears, or silver industrial demand weakness. Gold's safe-haven properties are being valued over silver's industrial component. Historically, extreme highs (>80) have preceded silver outperformance as the ratio mean-reverts.
What does a low gold-silver ratio mean? ▾
A low gold-silver ratio (below 50) signals strong industrial demand, risk-on sentiment, or speculative silver buying. Silver is outperforming gold, often during economic expansions or commodity super-cycles. The ratio hit ~14 during the 1980 Hunt Brothers squeeze and ~32 during the 2011 silver peak.
Is the gold-silver ratio a good trading indicator? ▾
The gold-silver ratio is widely used as a mean-reversion indicator by precious metals traders. However, it is not a timing tool — extreme readings can persist for months or years. This tracker quantifies divergence regimes; it does not provide investment advice.
How often does GSRI update? ▾
Weekly, as underlying gold and silver series refresh. See the Data Freshness section for component-level timing.
Why did the gold-silver ratio drop to 50 in January 2026? ▾
Silver surged on dual demand drivers: structural industrial demand from AI data centers and solar panels, plus monetary demand as part of the broader precious metals rally. This compressed the ratio to a 14-year low before silver corrected more sharply than gold in Q1 2026.
📎 Cite This Data ▾
APA 7th Edition
AhaSignals. (2026). Gold–Silver Ratio Index (GSRI). Retrieved April 18, 2026, from https://ahasignals.com/gold-silver-ratio-tracker/
Methodology: v0.1-beta
Data as-of: Apr 8, 2026
Research purposes only. Not investment advice. All index inputs from free, public, clickable sources.
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Last consensus audit performed on April 18, 2026. Correlation signals update with each tracker build cycle.
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This page is for informational and research purposes only — not investment advice. Precious metals prices are volatile. Past divergence patterns do not predict future performance. GSRI methodology version: v0.1-beta. © 2026 AhaSignals. All rights reserved.