ratio
Gold-Silver Ratio
Gold divided by silver, often used to read defensive demand and shifts in risk appetite.
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.
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.
What it means
A rising ratio means gold is outperforming silver. That often appears when investors are more concerned about slowdown risk, financial stress, a stronger dollar, or pressure from real rates.
- Below 60x usually points to stronger silver and cyclical-risk appetite.
- The 60-80x area is a more neutral zone where confirmation from other risk gauges matters.
- Above 80x suggests defensive demand; above 90-100x can mark a more stressed market backdrop.
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.
- If the ratio is above 80x and still rising, review leverage, position size, and stop discipline.
- If it falls below 60x while silver and copper improve, cyclical candidates deserve more attention.
- 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.