Gold-Silver Ratio
How many ounces of silver one ounce of gold buys, live, set against every year since 1960.
The ratio since 1960
Highs and lows
- 199189.4
- 199287.0
- 202586.5
- 202086.2
- 201985.9
- 196818.2
- 197020.3
- 196722.5
- 196922.9
- 197126.3
Annual averages smooth out the spikes. On monthly averages the ratio reached 111.7 in April 2020 and fell to 16.7 in June 1968.
Every year since 1960
| Year | Gold | Silver | Ratio |
|---|---|---|---|
| 2025 | $3,441.51 | $39.80 | 86.5 |
| 2024 | $2,387.70 | $28.27 | 84.5 |
| 2023 | $1,942.67 | $23.40 | 83.0 |
| 2022 | $1,800.60 | $21.79 | 82.6 |
| 2021 | $1,799.63 | $25.16 | 71.5 |
| 2020 | $1,770.25 | $20.54 | 86.2 |
| 2019 | $1,392.50 | $16.22 | 85.9 |
| 2018 | $1,269.23 | $15.71 | 80.8 |
| 2017 | $1,257.56 | $17.07 | 73.7 |
| 2016 | $1,248.99 | $17.15 | 72.8 |
| 2015 | $1,160.66 | $15.72 | 73.8 |
| 2014 | $1,265.58 | $19.07 | 66.4 |
| 2013 | $1,411.46 | $23.85 | 59.2 |
| 2012 | $1,669.52 | $31.14 | 53.6 |
| 2011 | $1,569.21 | $35.22 | 44.6 |
| 2010 | $1,224.66 | $20.15 | 60.8 |
| 2009 | $972.97 | $14.64 | 66.5 |
| 2008 | $871.71 | $15.00 | 58.1 |
| 2007 | $696.72 | $13.39 | 52.0 |
| 2006 | $604.34 | $11.56 | 52.3 |
| 2005 | $444.84 | $7.31 | 60.9 |
| 2004 | $409.21 | $6.66 | 61.4 |
| 2003 | $363.51 | $4.88 | 74.5 |
| 2002 | $309.97 | $4.60 | 67.4 |
| 2001 | $270.99 | $4.38 | 61.9 |
| 2000 | $279.03 | $4.95 | 56.4 |
| 1999 | $278.77 | $5.22 | 53.4 |
| 1998 | $294.16 | $5.55 | 53.0 |
| 1997 | $331.10 | $4.91 | 67.4 |
| 1996 | $387.70 | $5.20 | 74.6 |
| 1995 | $384.16 | $5.20 | 73.9 |
| 1994 | $384.01 | $5.28 | 72.7 |
| 1993 | $359.77 | $4.31 | 83.5 |
| 1992 | $343.73 | $3.95 | 87.0 |
| 1991 | $362.18 | $4.05 | 89.4 |
| 1990 | $383.47 | $4.83 | 79.4 |
| 1989 | $381.43 | $5.51 | 69.2 |
| 1988 | $437.05 | $6.53 | 66.9 |
| 1987 | $446.47 | $7.01 | 63.7 |
| 1986 | $367.69 | $5.44 | 67.6 |
| 1985 | $317.91 | $6.12 | 51.9 |
| 1984 | $360.48 | $8.14 | 44.3 |
| 1983 | $422.53 | $11.43 | 37.0 |
| 1982 | $375.80 | $7.93 | 47.4 |
| 1981 | $459.75 | $10.52 | 43.7 |
| 1980 | $607.86 | $20.80 | 29.2 |
| 1979 | $306.67 | $11.10 | 27.6 |
| 1978 | $193.24 | $5.42 | 35.7 |
| 1977 | $147.72 | $4.64 | 31.8 |
| 1976 | $124.82 | $4.36 | 28.6 |
| 1975 | $161.03 | $4.42 | 36.4 |
| 1974 | $159.25 | $4.71 | 33.8 |
| 1973 | $97.33 | $2.56 | 38.0 |
| 1972 | $58.16 | $1.68 | 34.6 |
| 1971 | $40.80 | $1.55 | 26.3 |
| 1970 | $35.94 | $1.77 | 20.3 |
| 1969 | $41.08 | $1.79 | 22.9 |
| 1968 | $38.92 | $2.14 | 18.2 |
| 1967 | $34.95 | $1.55 | 22.5 |
| 1966 | $35.13 | $1.29 | 27.2 |
| 1965 | $35.12 | $1.29 | 27.2 |
| 1964 | $35.10 | $1.29 | 27.2 |
| 1963 | $35.09 | $1.28 | 27.4 |
| 1962 | $35.23 | $1.08 | 32.6 |
| 1961 | $35.25 | $0.92 | 38.3 |
| 1960 | $35.27 | $0.91 | 38.8 |
Questions readers ask
What is the average gold-silver ratio?
55.0 on World Bank annual average prices from 1960 to 2025. The median year was 57.2. Counting from 1971 only, the average is 60.5.
When was the gold-silver ratio highest?
On annual averages, in 1991 at 89.4, followed by 1992 at 87.0 and 2025 at 86.5. On monthly averages the peak was 111.7 in April 2020.
When was the gold-silver ratio lowest?
On annual averages, in 1968 at 18.2, followed by 1970 at 20.3 and 1967 at 22.5. The lowest monthly average was 16.7 in June 1968.
What was the gold-silver ratio in 2025?
86.5 on annual averages: gold averaged $3,441.51 an ounce and silver $39.80. The latest World Bank monthly figure, for December 2025, is 69.1.
Does a high ratio mean silver will catch up with gold?
The ratio shows where silver stands against gold, not when that will change. On annual averages it stayed above its 1960 to 2025 average of 55.0 for 13 years in a row, from 2013 to 2025.
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