Gold-Silver Ratio Stabilizes Amid Record Industrial Demand for Silver
The gold-silver ratio has stabilized as industrial demand for silver reached 657.4 million ounces in 2025, according to The Silver Institute.
This measure of relative strength between precious metals is calculated by dividing the price of gold per ounce by the price of silver per ounce.
A rising gold-silver ratio indicates that gold is outperforming silver, while a falling ratio suggests silver is gaining strength. The ratio tends to widen when investors favor gold during uncertain periods and narrows when silver demand increases, often coinciding with gains in manufacturing and other industries.
Silver's strong industrial presence exposes it to heightened volatility compared to gold, which is chiefly held as an investment and central bank reserve.