Mining

Visualizing the Gold-to-Silver Ratio Since 1869

Published

2 weeks ago

November 18, 2024

Bruno Venditti

Graphics/Design:

Sabrina Lam

See this visualization first on the Voronoi app.

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Visualizing the Gold-to-Silver Ratio Since 1869

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The gold-to-silver ratio shows how many ounces of silver equal one ounce of gold. It is the oldest continuously tracked exchange rate, dating back to 3200 BCE. Historically, the ratio played an important role in ensuring coins had their appropriate value, and it remains an important technical metric for metals investors today.

This graphic shows the gold-to-silver ratio since 1869. Data was compiled by Longtermtrends.

The History of the Gold-to-Silver Ratio

The earliest recorded instance of the ratio dates back to 3200 BCE, when Menes, the first king of Ancient Egypt, set a ratio of 2.5:1. Since then, the ratio has generally seen gold’s value rise as empires and governments became more familiar with the scarcity and difficulty of production for both metals.

Ancient Rome was one of the earliest civilizations to set a gold-to-silver ratio, starting as low as 8:1 in 210 BCE. Over the years, varying gold and silver inflows from Rome’s conquests caused the ratio to fluctuate between 8 and 12 ounces of silver for every ounce of gold.

By 46 BCE, Julius Caesar had established a standard ratio of 11.5:1, shortly before it was bumped to 11.75:1 under Emperor Augustus.

In more modern times, the ratio peaked in 1939 at 98:1 after U.S. President Franklin D. Roosevelt changed the statutory price of gold from $20.67 per troy ounce to $35.

In 2020, the ratio reached an all-time high of 125.1 during the COVID-19 pandemic, as investors sought gold as a safe haven.

Year	Ratio
1968-01-01	16.2
1968-05-01	17.1
1969-01-01	21.3
1969-05-01	24.5
1969-09-01	24.2
1970-01-01	19.5
1970-09-01	19.6
1971-09-01	27.7
1972-05-01	31.9
1973-01-01	31.9
1973-05-01	42.7
1974-01-01	35
1974-05-01	31.4
1974-09-01	37.4
1975-01-01	41.7
1975-05-01	37.9
1975-09-01	34.8
1976-01-01	33.7
1976-09-01	25
1977-05-01	30.9
1977-09-01	32.7
1978-05-01	34
1979-01-01	37.3
1979-05-01	31.3
1980-01-01	14
1980-05-01	38.9
1980-09-01	39.1
1981-09-01	45.9
1982-09-01	52.7
1983-09-01	34.3
1984-05-01	42.1
1985-01-01	49
1985-05-01	51.1
1985-09-01	53.9
1986-01-01	56.3
1986-05-01	66.7
1986-09-01	76
1987-01-01	75
1987-09-01	60.1
1988-09-01	65.3
1989-05-01	66.7
1990-01-01	77.1
1990-05-01	74.2
1991-01-01	94.3
1991-05-01	90.3
1991-09-01	90.7
1992-01-01	90.8
1992-09-01	91.5
1993-09-01	78.2
1994-09-01	71.2
1995-05-01	66.2
1996-01-01	74.9
1996-05-01	72.9
1996-09-01	74.7
1997-01-01	77.1
1997-05-01	71.8
1997-09-01	69
1998-01-01	48.4
1998-09-01	57.8
1999-09-01	49.4
2000-05-01	54.9
2001-01-01	59.4
2001-05-01	60.4
2002-01-01	60.6
2002-05-01	68.2
2002-09-01	69.9
2003-01-01	72.2
2003-05-01	71.8
2003-09-01	73.5
2004-01-01	69.4
2004-09-01	60.3
2005-09-01	63.6
2006-05-01	47.3
2007-01-01	49.3
2007-05-01	51.1
2008-01-01	56.3
2008-05-01	52.8
2008-09-01	60.9
2009-01-01	78.5
2009-09-01	64.1
2010-09-01	64.2
2011-09-01	43.6
2012-05-01	54.1
2013-01-01	54.5
2013-05-01	61.5
2013-09-01	58
2014-01-01	61.2
2014-05-01	67
2014-09-01	66.5
2015-01-01	75.4
2015-09-01	78.3
2016-09-01	69.9
2017-05-01	74.8
2017-09-01	74.8
2018-01-01	76.7
2018-05-01	80
2018-09-01	84
2019-01-01	82.4
2019-05-01	87.3
2019-09-01	81.6
2020-01-01	84.9
2020-05-01	114.6
2020-09-01	71
2021-01-01	71.6
2021-05-01	67.1
2021-09-01	75.8
2022-01-01	78.7
2022-05-01	82.6
2022-09-01	96.2
2023-01-01	76.4
2023-05-01	79.3
2023-09-01	80.5
2024-01-01	87
2024-05-01	86.5
2024-09-01	88.5