Industrial precious metals · live
Silver to Platinum Ratio
The silver to platinum ratio is 0.03653 — silver at $68.73 per troy ounce divided by platinum at $1,881.61 per troy ounce. One ounce of silver is worth about 0.03653 ounces of platinum.
Unlike either metal measured against gold, both legs here carry large industrial demand bases. That makes this pair a read on precious-metal sentiment with the monetary story largely removed.
Prices as of Aug 24, 2026, 9:27 AM UTC. Change either side of the calculator to price any other pair, or read the unit reference for how cross-unit ratios should be read.
Silver to Platinum ratio
1.000 T.oz of silver = 0.03653 T.oz of platinum
Inverse (PL/XAG): 27.38 — one Troy Ounce of platinum buys that much silver.
Close to the middle of its 1 year range. (50th percentile of the last 1 year)
Silver
$68.73
per Troy Ounce
Platinum
$1,881.61
per Troy Ounce
Unit basis: USD per Troy Ounce ÷ USD per Troy Ounce. The ratio reads as Troy Ounces of platinum per Troy Ounce of silver. Prices as of Mon, 24 Aug 2026 09:27:40 GMT.
1Y average
0.03557
median 0.03659
1Y low
0.02762
Jan 29, 2026
1Y high
0.05911
Jan 30, 2026
Normal band
0.03216–0.03899
mean ± 1 std dev
Deviation from mean
+0.28σ
313 observations
Silver to Platinum ratio charts
Pick a range once — it applies to the XAG/PL ratio line, the OHLC candles and the Silver / Platinum price chart below.
XAG/PL ratio line
How many T.oz of Platinum one T.oz of Silver buys, over 1Y.
XAG/PL ratio candles
Open, high, low and close of the XAG/PL ratio for each period in the last 1Y.
Silver and Platinum prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the silver to platinum ratio
Silver to platinum ratio = silver price per troy oz ÷ platinum price per troy oz
Both metals are quoted in US dollars per troy ounce, so the units cancel and the ratio is unitless.
Worked example, live prices: $68.73 ÷ $1,881.61 = 0.03653. The inverse is 27.38.
Two industrial metals, two different cycles
Roughly half of silver demand is industrial, and the fastest-growing slice of that is photovoltaics — silver paste is used in solar cell contacts, and per-panel loading has fallen more slowly than installation volumes have risen. Platinum's industrial demand is dominated by diesel autocatalysts, with hydrogen electrolysers and fuel cells as the emerging story.
So while both legs are industrial, they are exposed to genuinely different cycles: solar buildout on one side, vehicle emissions policy and hydrogen infrastructure on the other. Sustained moves in this ratio usually mean one of those two end-markets has changed, not that precious metals as a class have repriced.
Why this pair reads cleaner than either against gold
Measure silver against gold and the result is dominated by gold's monetary bid — central bank buying and investment flows that have no industrial content. Measure silver against platinum and that factor is largely absent from both sides. What remains is closer to a relative-value comparison between two industrial metals that happen to be classed as precious.
Over the trailing 1 year the ratio has averaged 0.03557, ranging from 0.02762 to 0.05911, with today's 0.03653 at the 50th percentile. Silver is the more volatile leg — a thinner market with a substantial speculative following — so most short-term moves in this ratio originate on the silver side.
Other commodity ratios
Each of these has its own page with live pricing, a full year of history and the range statistics.
- Gold to silver ratio
- Gold to platinum ratioPrecious metals · live ratio
- Gold to oil ratioMacro ratio · live
- Gold to copper ratioGrowth vs fear · live ratio
- Gold to palladium ratioPrecious metals · live ratio
- Copper to silver ratioElectrification metals · live
- Oil to natural gas ratioEnergy substitution · live
- Platinum to palladium ratioPGM substitution · live
- Gold to natural gas ratioMonetary vs energy · live ratio
Live prices behind the ratios
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4641.78 |
| 2 | XAG | Silver | 68.86 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.72 |
| 5 | NG-FUT | Natural Gas Futures | 2.75 |
| 6 | PL | Platinum | 1884.84 |
| 7 | PA | Palladium | 1346.10 |
Frequently asked questions
What is the silver to platinum ratio today?
The silver to platinum ratio is 0.03653, meaning one troy ounce of silver is worth about 0.03653 troy ounces of platinum — $68.73 per ounce of silver divided by $1,881.61 per ounce of platinum.
Why compare silver to platinum instead of gold?
Because both silver and platinum have large industrial demand bases, so the comparison is not distorted by gold's monetary bid. Silver against gold largely measures monetary demand; silver against platinum measures two industrial end-markets against each other.
Which metal is more volatile?
Silver. It trades in a thinner market than platinum by value and carries a large speculative following, so it typically moves further in both directions. Most short-term moves in this ratio come from the silver leg.
What drives the two sides of this ratio?
Silver's industrial demand is led by photovoltaics, electronics and brazing. Platinum's is led by diesel autocatalysts, with hydrogen electrolysers and fuel cells growing. Solar policy moves silver; vehicle emissions rules and hydrogen investment move platinum.