Live commodity ratios · 170+ commodities
The gold to silver ratio today is 67.44 — gold at $4,642.64 per troy ounce divided by silver at $68.84 per troy ounce. One ounce of gold is worth about 67.44 ounces of silver right now.
Change either side to calculate any commodity ratio — gold to oil, copper to gold, gold to platinum, soybeans to corn — with the full ratio history, the range average, and where today's reading sits against it. Prices as of Aug 24, 2026, 9:01 AM UTC.
Free, no sign-up, and every figure is available through the API.
Gold to Silver ratio
1.000 T.oz of gold = 67.441 T.oz of silver
Inverse (XAG/XAU): 0.01483 — one Troy Ounce of silver buys that much gold.
Close to the middle of its 1 year range. (58th percentile of the last 1 year)
Gold
$4,642.64
per Troy Ounce
Silver
$68.84
per Troy Ounce
Unit basis: USD per Troy Ounce ÷ USD per Troy Ounce. The ratio reads as Troy Ounces of silver per Troy Ounce of gold. Prices as of Mon, 24 Aug 2026 09:01:19 GMT.
1Y average
68.05
median 65.29
1Y low
39.62
Jan 29, 2026
1Y high
92.22
Oct 19, 2025
Normal band
58.03–78.07
mean ± 1 std dev
Deviation from mean
-0.06σ
339 observations
Pick a range once — it applies to the XAU/XAG ratio line, the OHLC candles and the Gold / Silver price chart below.
How many T.oz of Silver one T.oz of Gold buys, over 1Y.
Open, high, low and close of the XAU/XAG ratio for each period in the last 1Y.
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
Divide the gold price per troy ounce by the silver price per troy ounce. That is the whole calculation:
Gold-silver ratio = gold price per troy oz ÷ silver price per troy oz
Because both metals are quoted in dollars per troy ounce, the dollars and the ounces cancel out. The answer is a plain number with no unit attached, which is what makes it comparable across decades even as the price level changes.
Worked example, live prices: $4,642.64 ÷ $68.84 = 67.44. So one troy ounce of gold currently trades for about 67.44 troy ounces of silver, and 10 ounces of gold would be worth roughly 674.4 ounces of silver.
Gold and silver share a unit, so their ratio is unambiguous. Most other pairs do not. Crude oil is quoted per barrel, natural gas per MMBtu, copper per pound, corn and wheat per bushel. A ratio across two different units is still perfectly valid — it just has to be read as a rate rather than a count:
The calculator prints the unit basis under every result for exactly this reason. Most ratio pages leave the units implied, which is where the misreadings come from.
The gold silver ratio — often abbreviated GSR — is the number of troy ounces of silver that carry the same market value as one troy ounce of gold. It is the oldest continuously watched ratio in commodities, and for most of recorded history it was not a market price at all but a legal one, fixed by governments running bimetallic currencies.
What makes it useful is that it strips the dollar out of the picture. If gold and silver both rise 10%, the ratio does not move, and in relative terms nothing has happened. Only a divergence between the two registers. That property is why analysts reach for ratios when they want to know which asset is actually outperforming, rather than which chart looks impressive.
There is no single correct level. Since the early 1970s the ratio has spent most of its time between roughly 50:1 and 80:1, averaging somewhere around 60:1. The widely repeated 80/50 rule takes those two edges as action points: as the ratio climbs toward 80, silver is historically cheap, so a ratio switcher rotates gold into silver; as it falls back toward 50, they rotate silver into gold.
| Ratio level | Reading | What it usually means |
|---|---|---|
| Below 50:1 | Silver expensive relative to gold | Historically rare and usually late in a silver bull market. Ratio switchers rotate toward gold here. |
| 50:1 – 65:1 | Low end of the modern band | Typically coincides with strong industrial demand and risk appetite. |
| 65:1 – 80:1 | The middle of the modern band | Where the ratio has spent most of its time since the 1990s. |
| 80:1 – 100:1 | Silver cheap relative to gold | Associated with recessions and risk-off periods. The level the 80/50 rule watches for. |
| Above 100:1 | Historically extreme | Seen only briefly — 1991 and 2020 — and in both cases silver outperformed sharply afterwards. |
It is a heuristic, and it has three real costs that the rule itself ignores:
Use the percentile and standard-deviation figures in the calculator above rather than a fixed threshold. They tell you where today's reading sits in its own recent distribution, which adapts as the structural level shifts — and applies to every other pair too, where 50 and 80 mean nothing at all.
For most of history the ratio was legislated rather than traded. It has only floated freely since the 1960s, and the range it has covered in that time is far wider than the familiar 50–80 band suggests.
| Period | Ratio | Context |
|---|---|---|
| Ancient Egypt | ≈ 2.5:1 | Set by decree, when silver was scarcer in the region than gold. |
| Roman Empire | ≈ 12:1 | Fixed by imperial edict and periodically debased. |
| US Coinage Act, 1792 | 15:1 | Statutory bimetallic ratio; revised to about 16:1 in 1834. |
| April 1968 | ≈ 16.75:1 | The modern-era low, as silver ran ahead of a still-fixed gold price. |
| January 1980 | ≈ 15:1 | The Hunt brothers' squeeze briefly drove silver to $50. |
| 1990s–2000s | 50:1 – 80:1 | The band that most people now think of as normal. |
| April 2011 | ≈ 32:1 | Silver's post-crisis peak near $49. |
| March 2020 | above 120:1 | Silver collapsed faster than gold at the onset of the pandemic — the highest reading in over a century. |
Pre-1990 figures are historical references. The chart and statistics in the calculator above are computed from our own price history, which runs from 1990 to the present.
The same calculation works on any pair. These are the ones analysts actually track — click one to load it into the calculator with its full history.
How many barrels of crude one ounce of gold buys. Gold is a monetary asset and oil is an input to almost everything else, so this pair reads as monetary stress against real industrial demand. It has historically averaged roughly 15 to 20 barrels per ounce and spiked near 90 in April 2020 when WTI collapsed.
Open the gold to oil ratio page →The classic growth-versus-fear gauge, and a rough proxy for where long bond yields want to go. Copper is purely industrial, gold is not: a rising ratio says the market is pricing growth, a falling one says risk aversion. Copper is quoted per pound and gold per troy ounce, so the unit basis matters here.
Open the copper to gold ratio page →Platinum traded above gold for most of the period before 2015, so a ratio below 1.0 used to be normal. Since then gold has been persistently more expensive. Platinum demand is heavily industrial — autocatalysts above all — so this pair tracks the industrial cycle more than safe-haven flows.
Open the gold to platinum ratio page →Both metals have large industrial demand bases, which makes this a cleaner read on precious-metal sentiment than either one against gold. Sustained moves usually reflect a shift in autocatalyst or solar demand rather than a monetary story.
Open the silver to platinum ratio page →The energy substitution ratio, quoted as barrels of crude per MMBtu of gas. On pure energy content the two are equivalent near 6:1, so readings far above that mark gas as cheap on an energy-equivalent basis — the calculation behind fuel-switching and gas-to-liquids economics.
Open the oil to natural gas ratio page →The acreage ratio. US growers compare new-crop soybean and corn futures when allocating planting; historically a ratio above about 2.5 favours soybeans and below it favours corn. Unlike the metals ratios, this one has a real physical decision attached to it.
Calculate the soybean to corn ratio →Every ratio on this page is derived from these mid-market prices.
| # | Symbol | Name | Rate (USD) | Fluctuation (7d) | Trend (30d) |
|---|---|---|---|---|---|
| 1 | XAU | Gold | 4639.67 | ↑ +5.64% | ↑ +13.42% |
| 2 | XAG | Silver | 68.95 | ↑ +5.74% | ↑ +18.92% |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 | ↑ +0.95% | — 0.00% |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 93.29 | ↑ +1.93% | — 0.00% |
| 5 | NG-FUT | Natural Gas Futures | 2.75 | ↑ +1.85% | ↓ -1.43% |
| 6 | PL | Platinum | 1886.69 | ↑ +6.34% | ↑ +16.93% |
| 7 | PA | Palladium | 1342.00 | ↑ +1.10% | ↑ +5.34% |
A cross-commodity ratio only means something if you know what unit each leg is quoted in. This is the reference the calculator uses.
| Conversion | Value |
|---|---|
| 1 troy ounce | 31.1034768 grams |
| 1 troy ounce | 20 pennyweight (dwt) = 480 grains |
| 1 gram | 0.03215075 troy ounces |
| 1 kilogram | 32.1507 troy ounces |
| 1 metric tonne | 32,150.7 troy ounces |
| 1 troy ounce | 1.09714 avoirdupois (regular) ounces |
Purity matters when you apply a ratio to jewellery: 24 karat = 99.9% gold, 18k = 75%, 14k ≈ 58.3%, 12k = 50%. A 1 oz 18k item contains 0.75 oz of fine gold, so convert the fine content rather than the gross weight.
| Conversion | Value |
|---|---|
| 1 barrel of oil | 42 US gallons |
| 1 barrel of oil | ≈ 5.8 MMBtu of energy content |
| 1 MMBtu | 1,000,000 Btu = 10 therms |
| 1 cubic foot of natural gas | ≈ 1,036 Btu |
| 1 Mcf (1,000 cubic feet) | ≈ 1.036 MMBtu |
| 1 kWh | 3,412 Btu |
| 1 gallon motor gasoline | ≈ 120,214 Btu |
| 1 gallon diesel | ≈ 137,381 Btu |
The 5.8 MMBtu figure is why the oil-to-gas ratio is usually compared against 6:1 — that is roughly energy parity between a barrel of crude and an MMBtu of gas.
| Commodity | Bushel weight | 1 bushel | 1 metric tonne |
|---|---|---|---|
| Wheat, soybeans | 60 lb | 0.0272155 MT | 36.7437 bu |
| Corn, sorghum, rye | 56 lb | 0.0254 MT | 39.368 bu |
| Barley | 48 lb | 0.021772 MT | 45.9296 bu |
| Oats | 32 lb | 0.014515 MT | 68.894 bu |
| Unit | Weight |
|---|---|
| Metric tonne | 1,000 kg ≈ 2,204.6 lb |
| Short ton (US) | 2,000 lb ≈ 907.18 kg |
| Long ton (UK) | 2,240 lb ≈ 1,016 kg |
| Hundredweight (cwt, US) | 100 lb ≈ 45.36 kg |
Copper is quoted per pound in the US and per tonne in London: $/lb × 2,204.62 = $/tonne. A copper ratio calculated against the wrong one of those is off by a factor of 2,200.
Prices come from trusted financial organisations, including banks and other financial institutions. The figures shown are derived data rather than raw exchange prices: we deliver the mid-market price — the average of bid and ask — from a regulated broker's real-time market feed, with the underlying pricing derived from exchange-traded futures. Brent, for example, derives from ICE Futures Europe and WTI from NYMEX.
Precious metals and major energy contracts refresh through the trading day, so a gold-silver reading reflects the current market rather than yesterday's close. Some agricultural and industrial series update daily, weekly or monthly depending on how the underlying data is published — each commodity's update interval is listed on the symbols page. When a pair includes a monthly series, the calculator automatically drops the short chart ranges rather than drawing a misleading flat line.
A ratio built from mid-market quotes is a market reference, not a dealer quote. Buying or selling physical metal adds a premium on each leg, so the ratio you can actually transact at is always worse than the one shown here.
This page is a thin layer over the CommodityPriceAPI REST API. Every ratio here is one request and one division:
GET https://api.commoditypriceapi.com/v2/rates/latest?symbols=XAU,XAG
→ { "rates": { "XAU": 4000.00, "XAG": 50.00 } }
ratio = rates.XAU / rates.XAG // 80.00For a historical ratio series like the chart above, request both symbols from /v2/rates/time-series and divide date-by-date. For period-over-period change, use /v2/rates/fluctuation.
170+ commodities across metals, energy and agriculture, with history back to 1990. There is also an official MCP server if you want an AI assistant to answer “what's the gold to silver ratio today” directly.
The gold to silver ratio today is 67.44, meaning one troy ounce of gold is worth about 67.44 troy ounces of silver. That is $4642.64 per troy ounce of gold divided by $68.84 per troy ounce of silver. The calculator on this page recalculates it from live mid-market prices every time you load it.
The gold silver ratio is the number of troy ounces of silver that have the same market value as one troy ounce of gold. It is a pure relative-value measure: because both metals are quoted in dollars per troy ounce, the dollar cancels out and the result is a unitless number. A ratio of 80 means one ounce of gold buys 80 ounces of silver.
Divide the gold price per troy ounce by the silver price per troy ounce. Both figures must use the same unit and the same currency. For example, gold at $4,000 and silver at $50 gives 4,000 ÷ 50 = 80. No unit conversion is needed because both metals are quoted per troy ounce.
There is no single correct level, but since the early 1970s the ratio has spent most of its time between roughly 50:1 and 80:1, averaging around 60:1. Readings above 80 are commonly read as silver being cheap relative to gold, and readings below 50 as the reverse. It is a relative-value guide rather than a buy signal, and the ratio has stayed outside that band for years at a time.
The 80/50 rule is a rule of thumb some metals investors use for rotating between the two metals rather than adding new money. When the ratio rises toward 80 they swap gold for silver, because silver is historically cheap at that level; when it falls toward 50 they swap back into gold. It is a heuristic, not a strategy with guaranteed results — dealer premiums, bid-ask spreads and tax on each swap all eat into the gain, and the ratio can stay above 80 for a long time.
In the modern floating era the ratio peaked above 120:1 in March 2020, when silver collapsed faster than gold at the onset of the pandemic — the highest reading in over a century. Its modern low was about 16.75:1 in April 1968, and it fell back near 15:1 briefly in January 1980 at the peak of that decade's silver run. Before the 20th century governments fixed the ratio, typically between 12:1 and 16:1.
Silver lost its monetary role while gold kept it. Central banks buy and hold gold; none hold silver as a reserve asset. Roughly half of silver demand is industrial, so silver behaves partly like an industrial metal and falls harder in recessions, while gold attracts safe-haven flows in the same conditions. Silver is also far bulkier per dollar of value, which raises the cost of storing and insuring it. Together these push the ratio structurally above the 15:1 level of the fixed-rate era.
Yes. The calculator works with any pair from the catalogue of 170+ commodities — gold to oil, copper to gold, gold to platinum, silver to copper, wheat to corn, natural gas to crude. Because different commodities are quoted in different units, the tool prints the unit basis alongside the result so you can see exactly what the number means.
It is the number of barrels of crude oil that one troy ounce of gold buys, calculated by dividing the gold price per ounce by the crude price per barrel. Historically it has averaged roughly 15 to 20 barrels per ounce. High readings usually mean oil is weak or monetary stress is elevated — it spiked near 90 in April 2020 — while low readings usually mean oil supply is tight.
No. A ratio describes relative value now and how that compares with history. Ratios do tend to revert toward long-run averages, but the timing is unpredictable and structural change can permanently reset what normal looks like — as happened to silver's monetary role and to platinum's diesel autocatalyst demand. Treat a ratio as one input among many, not a forecast.
No. A unit converter changes the unit of measure for the same commodity, such as bushels to metric tonnes or troy ounces to grams. A ratio compares the market value of two different commodities at live prices. The unit reference tables further down this page cover the unit-conversion side if that is what you need.
Yes. Request both symbols from the /v2/rates/latest endpoint and divide one rate by the other, or use /v2/rates/time-series to build a historical ratio series like the chart on this page. There is a free tier, and history goes back to 1990.