Gold-Silver Ratio Surges to 70:1 Amid Central Bank Buying

The gold-to-silver ratio has risen to 70 ounces as of June 2026, according to a report by The Silver Institute and Precious Metals Insights Limited. This marks a significant increase from its lowest level in January 2026, when it fell to 45.6:1.

The report notes that the ratio tends to revert toward its long-term average, which is approximately 59.65 ounces of silver for every ounce of gold. Large deviations from this equilibrium level can indicate periods where one metal is overvalued or undervalued compared to the other.

Investment demand has become a key driver of the ratio, with the report finding that central-bank purchases have supported gold prices directly and indirectly since 2022. The increase in official-sector demand for gold may be keeping the ratio above its historical equilibrium level.

The report also highlights the importance of industrial activity on silver's price, which plays a larger role in the metal's demand structure compared to gold. An improvement in global industrial activity can provide relatively greater support to silver, pushing the ratio lower.