Another Win for the Gold-Silver Ratio! Scotday

In both March 2020 and April 2025, the gold-to-silver ratio surged above 100—an extreme that preceded significant silver rallies. If the 2020 precedent proves instructive, the recent breakout in silver may be only the beginning of a much larger move.

With silver now firmly breaking out, the probability of it tracking gold’s upward trajectory is high—and in the near term, it may well outperform its more reserved counterpart.

Unlike gold, silver is deeply intertwined with the industrial economy, with a substantial portion of its demand driven by industrial applications. This economic sensitivity can serve as both a powerful tailwind in times of growth and a vulnerability during periods of contraction.