Gold–silver ratio
The number of ounces of silver needed to buy one ounce of gold, a relative-value measure that metals traders watch.
The ratio is the gold price divided by the silver price, both in dollars per troy ounce. A higher ratio means silver is cheap relative to gold. The ratio has ranged widely over the decades, so traders compare it with recent ranges rather than a fixed level.
Traders care because the ratio is used to frame rotation between gold and silver. Silver also has substantial industrial demand, so its ratio can move with growth expectations as well as with safe-haven flows. The ratio is a relative-value gauge, not a forecast.
Worked example (illustrative numbers, not real data): gold at 2,400 dollars and silver at 30 dollars gives a ratio of 80. If silver rises to 36 dollars with gold unchanged, the ratio falls to about 66.7.