LIVE RELATIVE-VALUE TOOL

How many ounces of silver equal one ounce of gold?

Divide gold per troy ounce by silver per troy ounce. A result of 80 means one ounce of gold has the same quoted metal value as 80 ounces of silver. GoldObserve requests both metals in U.S. dollars per troy ounce, shows their source status and lets you replace either input for a quoted or hypothetical scenario.

Gold price per troy ounceSilver price per troy ounce

Enter two positive prices.Both metals must use the same currency and troy-ounce basis.

Gold: connecting. Silver: connecting. Each metal remains independent; replace either input only with a same-time USD-per-ounce value.

DATA STATUS

Gold and silver source status

Gold and silver are requested, timed and failed independently. A valid observation for one metal never supplies or validates the other.

Gold XAU/USD referenceConnecting

Source: No provider
Observed: Observation time unavailable
Age: Checking age…
Delivery: No data layer available

Waiting for a source-labelled gold observation.

Silver XAG/USD referenceConnecting

Source: No provider
Observed: Observation time unavailable
Age: Checking age…
Delivery: No data layer available

Waiting for a source-labelled silver observation.

CALCULATION STANDARD

A valid ratio needs comparable inputs

GOLD-SILVER RATIOGold price per troy ounce ÷ silver price per troy ounce

The currency and unit cancel only when both inputs use the same basis.

01Use one currency for both metals.

02Use one weight unit for both metals.

03Compare observation timestamps and freshness.

04Match spot with spot or comparable contracts with comparable contracts.

READ THE RESULT

A ratio move describes relative performance

RATIO RISESGold outperformed silver

Gold rose faster, silver fell faster, or both moved in ways that favored gold.

RATIO FALLSSilver outperformed gold

Silver rose faster, gold fell faster, or both moved in ways that favored silver.

The result does not reveal whether either metal rose or fell. Inspect both inputs and their separate price changes before explaining the move.

HISTORICAL DISTRIBUTION LAB

A high or low ratio only has meaning inside a defined sample

Monthly averages answer a different question from the live ratio above. This laboratory compares four fixed calendar segments on one shared scale so a selected observation can be located without assuming that an old median is a permanent fair value or that an extreme reading must reverse.

SELECTED MONTH2026-07

69.27 : 1

ALL-HISTORY POSITION67th percentile

799 exact-month matches.

SEGMENT POSITION16th percentile

2020–latest · n=79 · shorter

UNDERLYING AVERAGES$4,073.00 / $58.80

Gold divided by silver, USD/oz.

MONTH2026-07

GOLD MONTHLY AVERAGE$4,073.00 / oz

SILVER MONTHLY AVERAGE$58.80 / oz

DERIVED RATIO69.27 : 1

How to read this: every row uses the same horizontal ratio scale. The thin line is the observed minimum–maximum range, the dark band is P5–P95, the gold band is Q1–Q3 and the white tick is the median. Tap or click a row to inspect the closest recorded ratio; use Left/Right/Home/End on the chart or choose an exact month above. Vertical placement carries no numeric meaning.

Fixed-period ratio distribution and exact observed extremes. The final period is shorter.
Segment	Months	P5	Q1	Median	Q3	P95	Observed low	Observed high
1960–1979	240	18.42	26.92	29.36	35.00	38.89	1968-06 / 16.40	1973-06 / 46.15
1980–1999	240	35.05	49.01	67.16	74.11	89.26	1980-01 / 17.35	1991-02 / 98.38
2000–2019	240	48.46	56.23	63.76	73.06	83.56	2011-04 / 34.68	2019-06 / 90.60
2020–latest (shorter)	79	62.32	75.61	82.14	87.52	100.03	2026-01 / 51.61	2020-04 / 111.46

Source & citationWorld Bank Commodity Price Data (The Pink Sheet) · observed through 2026-07-01

RESEARCH FIGUREGold-silver monthly ratio distributions across four fixed historical segments

Calculating version hash…

Source: World Bank Commodity Price Data (The Pink Sheet) · 1960-01-01 through 2026-07-01 exact-month gold and silver averages
Observed through: 2026-07-01
Method: Gold and silver nominal USD-per-troy-ounce monthly averages are matched by exact month and divided as gold / silver. Each observation is assigned once to a fixed calendar segment. P5, Q1, median, Q3 and P95 use linear interpolation over the sorted segment observations.
Finding: 2026-07 recorded 69.27 : 1, at the 67th percentile of all 799 matched months and the 16th percentile of 2020–latest.
Limit: The ratio uses monthly averages, not a simultaneous spot quote or an average of daily ratios. Fixed segments are comparison bins rather than causal regimes; the 2020–latest sample is shorter, and the silver series has documented definition changes before 1962-01 and 1976-07. Historical percentiles do not predict reversal or future prices.

Suggested citation

GoldObserve Research (2026). Gold-silver monthly ratio distributions across four fixed historical segments [Interactive chart, citation schema v1, version calculating]. https://goldobserve.com/gold-silver-ratio?ratioEra=2020-latest&ratioMonth=2026-07#gold-silver-ratio-history-lab

Saved views stay in this browser and contain the chart link and citation details, not the underlying dataset.

Source: World Bank Commodity Price Data (The Pink Sheet), monthly gold and silver averages, CC BY 4.0. The ratio is a GoldObserve calculation. The silver series inherits documented definition changes before 1962-01 and 1976-07.

DATA QUALITY

Live does not mean perfectly simultaneous

GoldObserve requests gold and silver separately. Provider response time, cache timing and market availability can leave the observations a few moments apart. Use the displayed source and timestamp fields to decide whether that difference matters for the intended analysis.

AvailableBoth positive prices loaded and the ratio can be calculated.

ManualYou replaced one or both live inputs; the result is now a scenario.

StaleThe provider observation is older than expected and should be labelled accordingly.

UnavailableA required input could not be verified, so no invented live ratio should appear.

MARKET BASIS

Choose the ratio that answers the actual question

InputsUseful forNot included

Same-time market referencesCurrent relative valueRetail premium and executable spread

Daily benchmark valuesRepeatable daily seriesPerfectly simultaneous observations

Comparable futuresContract-relative analysisMargin, rollover and basis unless modelled

Dealer bid and askPhysical exchange decisionsNothing beyond the exact quoted products and terms

PHYSICAL EXCHANGE

Spot ratio is not the amount of silver a dealer will deliver

A real gold-for-silver switch uses the net amount a dealer pays for the gold and the all-in amount charged for each ounce of silver. Product premiums, bid-ask spreads, delivery, tax, insurance and storage can make the executable result materially lower than spot divided by spot.

EXECUTABLE PHYSICAL RATIONet gold sale proceeds ÷ all-in silver cost per ounce

Obtain same-time written quotes for the exact products and quantities.

METHOD AND SOURCES

What supports this calculator

GoldObserve methodology explains providers, timestamps, normalization, freshness and unavailable states.
CME Group documents the standard gold price divided by silver price per-troy-ounce formula.
LBMA documents its gold and silver benchmark conventions and setting times.
CFTC explains physical dealer spreads, fees and buyback due diligence.

DEEPER ANALYSIS

Understand the number before using it

CALCULATOR FAQ

Gold-silver ratio calculation questions

Why is the ratio blank?

Both inputs must be finite positive numbers. A provider failure should remain unavailable rather than become a fabricated quote.

Can I use another currency?

Yes, if both metals use that same currency and comparable timestamps. The ratio itself is dimensionless.

Can I use prices per gram?

Yes, if both prices are per gram. Mixing per-ounce gold with per-gram silver is invalid.

Does a high result mean silver must rise?

No. The ratio is descriptive, and an unusual reading can persist or move farther.

Gold-Silver Ratio Calculator