Gold-silver ratio, Jan. 26 -- The sharp rally in silver prices of 200% in the last 12 months has eclipsed gold's 80% rise and compressed the well-tracked gold-silver ratio.

Silver price outperformance has compressed the gold-silver ratio from pandemic highs of 127 to 50 at the start of 2026. The gold-silver ratio suggests how many ounces of silver can be used to purchase an ounce of gold. A higher ratio would indicate that silver is cheap. If the ratio is lower, some investors may pivot to gold, suggesting gold could rise more.

In April 2025, selling 1 kg of gold would fetch roughly 110 kg of silver. Today, that same 1 kg of gold gets you only about 47 kg of silver. This is not a marginal move - it represents a structural repricing of s...