黄金/白银比率表示购买一盎司黄金所需的白银盎司数。这一比率历来被用作贵金属市场的估值指标。
The gold-silver ratio is the price of one troy ounce of gold divided by the price of one troy ounce of silver, showing how many ounces of silver equal one ounce of gold in value. A ratio of 80, for example, means one ounce of gold costs the same as 80 ounces of silver. It is not published by any institution; it is computed directly from the two market prices. Traders have used it for generations as a measure of the two metals' relative value.
A high ratio means silver is historically cheap relative to gold, while a low ratio means silver is relatively expensive. In modern markets the ratio has mostly ranged between roughly 50 and 80, but it spiked above 100 during the market stress of 2020 and has fallen into the 30s during strong silver rallies. Readings near the top or bottom of the historical range are taken as a sign that the relative pricing of the two metals is stretched. The ratio is not guaranteed to revert to any particular average, so it is best read together with the underlying supply and demand story.
The ratio moves because the two metals have different demand profiles. In times of economic stress, safe-haven gold tends to outperform and the ratio rises, while in recoveries silver's large industrial demand often makes it the stronger metal and the ratio falls. Real interest rates and the dollar affect both metals, but silver's higher volatility means those forces show up as ratio changes. Watching gold and silver prices individually, along with global manufacturing indicators, helps explain why the ratio is moving.