Gold-to-Silver Ratio (GSR)
Historical Cross-Commodity Valuation Indicator
Latest Annual Ratio (2025) 86.8
Matched-Year Mean 50.8
Average across matching years
Highest Annual Ratio 96.5
1940: Highest ratio among the matched annual observations.
Lowest Annual Ratio 17.8
1919: Lowest ratio among the matched annual observations.
Indicator Interpretation & Economic Mechanics
The ratio expresses how many troy ounces of silver have the same value as one troy ounce of gold, using annual USGS observations. Calculated from the displayed nominal series for years available in both datasets. Missing years and nonpositive denominator prices are excluded. The mean gives each matched year equal weight.
Interpreting Annual Ratios
Ratios describe relative commodity values. These annual observations are not a tested recession forecasting model.
Sources and attribution
Ratios calculated by CommoditiesHistory.com from the matched annual observations. Source series and any unit conversions are documented below.
Matched Annual Observations
| Year | Ratio Value | Deviation from Matched-Year Mean |
|---|---|---|
| 2025 | 86.8 | +36.0 (Above Mean) |
| 2024 | 84.2 | +33.4 (Above Mean) |
| 2023 | 82.6 | +31.8 (Above Mean) |
| 2022 | 82.4 | +31.6 (Above Mean) |
| 2021 | 71.4 | +20.6 (Above Mean) |
| 2020 | 86.2 | +35.4 (Above Mean) |
| 2019 | 87.7 | +36.9 (Above Mean) |
| 2018 | 80.8 | +30.0 (Above Mean) |
| 2017 | 73.8 | +23.0 (Above Mean) |
| 2016 | 73.1 | +22.3 (Above Mean) |
| 2015 | 74.1 | +23.3 (Above Mean) |
| 2014 | 66.4 | +15.7 (Above Mean) |
| 2013 | 59.3 | +8.5 (Above Mean) |
| 2012 | 53.8 | +3.0 (Above Mean) |
| 2011 | 44.8 | -6.0 (Below Mean) |
| 2010 | 61.3 | +10.5 (Above Mean) |
| 2009 | 66.3 | +15.5 (Above Mean) |
| 2008 | 58.3 | +7.5 (Above Mean) |
| 2007 | 52.2 | +1.4 (Above Mean) |
| 2006 | 52.3 | +1.5 (Above Mean) |
| 2005 | 60.6 | +9.8 (Above Mean) |
| 2004 | 61.4 | +10.6 (Above Mean) |
| 2003 | 74.1 | +23.3 (Above Mean) |
| 2002 | 67.1 | +16.3 (Above Mean) |
| 2001 | 62.1 | +11.3 (Above Mean) |
| 2000 | 56.0 | +5.2 (Above Mean) |
| 1999 | 53.3 | +2.5 (Above Mean) |
| 1998 | 53.3 | +2.5 (Above Mean) |
| 1997 | 68.2 | +17.4 (Above Mean) |
| 1996 | 74.9 | +24.1 (Above Mean) |
| 1995 | 74.7 | +23.9 (Above Mean) |
| 1994 | 72.9 | +22.1 (Above Mean) |
| 1993 | 84.1 | +33.3 (Above Mean) |
| 1992 | 87.4 | +36.6 (Above Mean) |
| 1991 | 90.0 | +39.2 (Above Mean) |
| 1990 | 80.0 | +29.2 (Above Mean) |
| 1989 | 69.6 | +18.8 (Above Mean) |
| 1988 | 67.2 | +16.4 (Above Mean) |
| 1987 | 68.3 | +17.5 (Above Mean) |
| 1986 | 67.1 | +16.3 (Above Mean) |
| 1985 | 51.7 | +0.9 (Above Mean) |
| 1984 | 44.3 | -6.5 (Below Mean) |
| 1983 | 37.0 | -13.8 (Below Mean) |
| 1982 | 47.3 | -3.5 (Below Mean) |
| 1981 | 43.8 | -7.0 (Below Mean) |
| 1980 | 29.7 | -21.1 (Below Mean) |
| 1979 | 27.7 | -23.1 (Below Mean) |
| 1978 | 35.8 | -15.0 (Below Mean) |
| 1977 | 32.1 | -18.7 (Below Mean) |
| 1976 | 28.8 | -22.0 (Below Mean) |
| 1975 | 36.5 | -14.3 (Below Mean) |
| 1974 | 33.9 | -16.8 (Below Mean) |
| 1973 | 38.1 | -12.6 (Below Mean) |
| 1972 | 34.8 | -16.0 (Below Mean) |
| 1971 | 26.7 | -24.1 (Below Mean) |
| 1970 | 20.6 | -30.2 (Below Mean) |
| 1969 | 23.1 | -27.7 (Below Mean) |
| 1968 | 18.8 | -32.0 (Below Mean) |
| 1967 | 22.7 | -28.1 (Below Mean) |
| 1966 | 27.2 | -23.6 (Below Mean) |
| 1965 | 27.2 | -23.6 (Below Mean) |
| 1964 | 27.2 | -23.6 (Below Mean) |
| 1963 | 27.4 | -23.4 (Below Mean) |
| 1962 | 32.3 | -18.5 (Below Mean) |
| 1961 | 38.2 | -12.6 (Below Mean) |
| 1960 | 38.6 | -12.2 (Below Mean) |
| 1959 | 38.6 | -12.2 (Below Mean) |
| 1958 | 39.5 | -11.3 (Below Mean) |
| 1957 | 38.2 | -12.6 (Below Mean) |
| 1956 | 38.6 | -12.2 (Below Mean) |
| 1955 | 39.5 | -11.3 (Below Mean) |
| 1954 | 41.4 | -9.4 (Below Mean) |
| 1953 | 41.0 | -9.8 (Below Mean) |
| 1952 | 40.7 | -10.1 (Below Mean) |
| 1951 | 39.2 | -11.6 (Below Mean) |
| 1950 | 47.1 | -3.7 (Below Mean) |
| 1949 | 44.2 | -6.6 (Below Mean) |
| 1948 | 47.1 | -3.7 (Below Mean) |
| 1947 | 48.5 | -2.3 (Below Mean) |
| 1946 | 43.6 | -7.2 (Below Mean) |
| 1945 | 67.1 | +16.3 (Above Mean) |
| 1944 | 75.2 | +24.4 (Above Mean) |
| 1943 | 75.2 | +24.4 (Above Mean) |
| 1942 | 89.3 | +38.6 (Above Mean) |
| 1941 | 96.5 | +45.7 (Above Mean) |
| 1940 | 96.5 | +45.7 (Above Mean) |
| 1939 | 88.8 | +38.0 (Above Mean) |
| 1938 | 81.2 | +30.4 (Above Mean) |
| 1937 | 77.2 | +26.4 (Above Mean) |
| 1936 | 77.2 | +26.4 (Above Mean) |
| 1935 | 54.4 | +3.6 (Above Mean) |
| 1934 | 72.7 | +21.9 (Above Mean) |
| 1933 | 75.0 | +24.2 (Above Mean) |
| 1932 | 73.9 | +23.1 (Above Mean) |
| 1931 | 77.6 | +26.8 (Above Mean) |
| 1930 | 54.3 | +3.5 (Above Mean) |
| 1929 | 39.0 | -11.8 (Below Mean) |
| 1928 | 35.8 | -15.0 (Below Mean) |
| 1927 | 36.3 | -14.5 (Below Mean) |
| 1926 | 33.3 | -17.5 (Below Mean) |
| 1925 | 29.9 | -20.9 (Below Mean) |
| 1924 | 30.9 | -19.9 (Below Mean) |
| 1923 | 31.8 | -19.0 (Below Mean) |
| 1922 | 30.5 | -20.3 (Below Mean) |
| 1921 | 32.6 | -18.2 (Below Mean) |
| 1920 | 20.1 | -30.7 (Below Mean) |
| 1919 | 17.8 | -33.0 (Below Mean) |
| 1918 | 20.2 | -30.6 (Below Mean) |
| 1917 | 23.3 | -27.5 (Below Mean) |
| 1916 | 29.0 | -21.8 (Below Mean) |
| 1915 | 37.6 | -13.2 (Below Mean) |
| 1914 | 33.9 | -16.9 (Below Mean) |
| 1913 | 31.0 | -19.8 (Below Mean) |
| 1912 | 30.4 | -20.3 (Below Mean) |
| 1911 | 35.8 | -15.0 (Below Mean) |
| 1910 | 35.8 | -15.0 (Below Mean) |
| 1909 | 35.8 | -15.0 (Below Mean) |
| 1908 | 35.8 | -15.0 (Below Mean) |
| 1907 | 29.0 | -21.8 (Below Mean) |
| 1906 | 27.6 | -23.2 (Below Mean) |
| 1905 | 30.3 | -20.4 (Below Mean) |
| 1904 | 32.0 | -18.8 (Below Mean) |
| 1903 | 35.8 | -15.0 (Below Mean) |
| 1902 | 35.8 | -15.0 (Below Mean) |
| 1901 | 32.1 | -18.7 (Below Mean) |
| 1900 | 30.4 | -20.3 (Below Mean) |