Opportunity ALERT! The Gold/Silver Ratio Still Near 100:1


Written By Neil McCoy-Ward

(NOT FINANCIAL ADVICE) Further Disclaimer: This post was first shared with my private community on Patreon, but now, in efforts to help as many people as possible, I am sharing this valuable information with you.

Ladies and Gentlemen,

On the 19th April, 2025, the gold/silver ratio surged passed 100:1, a rare event we’ve only ever seen TWICE in recorded history.

These dates were:

1. 28th February 1991
2. 19th May 2020 (when I went all in & doubled my money)
3. 19th April 2025

Please read that again. I really don't think most will grasp the significance of this event.

The last time this happened, I made a YouTube video about it which gained me 15,000 subscribers where I was mocked and called all sorts of names; simply because investors & analysts don't watch the ratio, they are only trading things that they look at every single day.

I took every penny I had back then, even liquidated my entire stock portfolio as well as all the gold I owned and I bought SILVER. Not long after, silver doubled in price and I cashed out (a very large amount of money).

The timing of this couldn't be more perfect, because I anticipated an opportunity coming with gold & silver several months ago. This is why very shortly in the coming weeks I'll be releasing two gold and silver courses, (Foundations) and (Advanced) levels...

But before I get ahead of myself here...

What is the G:S ratio?
This means gold is now worth over 100 times more than silver per ounce, signalling a sharp inconsistency in price between the two metals, a price which has to correct. In plain terms, gold has been climbing much faster than silver, or silver has lagged badly behind. Historically, when the ratio stretches this far, silver often plays catch-up with surprising force. I warned you to look out for this in several of the monthly macro videos this year...

Before we unpack why this matters for investors, it's worth zooming out to see what gold itself has been doing this year...

Over the past month, gold has surged nearly 8%, recently hitting an all-time high of $3,245 on the 11th of April. Year-to-date, it's up around 23%, driven by a combination of rising geopolitical risk, central bank accumulation, and renewed weakness in the U.S. dollar. Did someone say dollarisation?

The Ratio:

At its core, the gold/silver ratio is a simple formula:

Gold Price ÷ Silver Price = Ratio

It tells you how many ounces of silver it takes to buy one ounce of gold.

When the ratio rises, it can mean several things, (but to save you the complexity here, because that's my job) - in this case, it means that the gold price is outperforming the silver price. When it falls, silver is usually catching up, or even leading.

Historically, the long-term average has hovered around 65 to 70. Many investors view that range as a kind of “neutral zone.”

When the ratio climbs significantly above 85 or 90 it often suggests that silver is undervalued relative to gold, and a reversion could be coming.

Conversely, when the ratio falls below 60, it can imply that silver is overheating or that gold may offer a better risk-adjusted position.

Today, with the ratio sitting above 100, we’re far outside the normal range. That’s why seasoned metals investors are watching closely because these types of extremes have historically preceded powerful silver rallies.

Recent Instances of Gold-Silver Ratio Above 100 (2015–2025)

March 2020

  • Ratio: ~125:1

  • Context: The lockdowns triggered global market panic. Investors rushed to gold as a safe-haven asset, driving its price up sharply relative to Silver. Silver, with significant industrial demand, faced pressure from economic lockdowns and reduced industrial activity.

  • Outcome: Silver prices bottomed out at around $12 per ounce in March 2020. By August 2020, silver surged nearly 150% to around $29 per ounce, narrowing the ratio to approximately 70:1 as stimulus measures and recovery expectations boosted industrial metals.

  • April 2025

    • Ratio: ~103:1

    • Context: Economic fears, including concerns over global trade tensions (e.g., Trump’s tariff policies), industrial slowdown, and a strong U.S. dollar, disproportionately weighed on silver prices. Gold continued to benefit from safe-haven demand amid geopolitical uncertainties and inflation concerns, pushing the ratio above 100 for the first time since March 2020.

    • Outcome: As of April 2025, this is a recent event, and the market is still unfolding. Historically, ratios above 100 have preceded silver rallies when industrial demand recovers or investor interest shifts. Analysts note silver’s potential to rebound, with some predicting prices could test $50 per ounce in the next 12–18 months if the ratio normalises toward historical averages (e.g., 60:1).

Additional Notes

  • Recent Highs Below 100: The ratio has approached but not consistently crossed 100 outside these two instances in the last decade. For example:

    • In 2019–2020, before the March 2020 peak, the ratio fluctuated between 75 and 95, reflecting silver’s lag during gold’s rally.

    • In 2024, the ratio hovered around 75–95 for extended periods, with a notable spike toward 100 by late 2024, setting the stage for the April 2025 breach.

    • Prior to 2015, the last time the ratio hit 100 was in 1991 during a recession, marking a silver low before a 60% rally over two years.

  • Why so rare?: Silver’s dual role as a precious and industrial metal makes it more volatile than Gold. During crises, Gold outperforms due to safe-haven demand, while Silver suffers from industrial weakness. Ratios above 100 typically require extreme conditions, like those in 2020 and 2025.

What This Means For Investors

  • Gold’s Safe-Haven Surge: During crises (e.g., March 2020’s panic), investors flock to gold, pushing its price up faster than silver’s.

  • Silver’s Industrial Drag: Silver’s heavy use in industry (solar, electronics) makes it vulnerable to economic slowdowns, as seen in April 2025 amid trade tensions and industrial weakness.

  • Market Sentiment: Extreme ratios often indicate fear-driven markets or institutional moves (e.g., banks rebalancing portfolios), creating a temporary imbalance.

Pay Attention To Historical Patterns

The two instances of the gold/silver ratio rising above 100 in the last decade can give you insights into what's coming next.

  • Mean Reversion:

    • The long-term average ratio is ~50–60:1, with shorter-term norms around 65–70:1. Post-2020, the ratio fell to ~70:1 by August as silver rallied 150% from $12 to $29/oz.

    • Extreme ratios above 100 are unsustainable because investors exploit the gap, buying undervalued silver, which narrows the ratio.

  • Silver Outperformance:

    • After March 2020, silver’s surge outpaced gold’s modest gains, with silver hitting $29 while gold peaked near $2,000/oz, tightening the ratio.

    • Similar snaps occurred post-1991 (ratio hit 100, silver rose 60% in two years) and post-2008 (ratio neared 80, silver quadrupled by 2011).

  • Silver “On Sale”:

    • In 2020, buying silver at $12/oz offered asymmetric upside versus gold at $1,500/oz.

    • In April 2025, with silver around $25/oz and gold near $2,600/oz (yielding ~103:1), the setup suggests silver has more room to climb if industrial demand or investor interest rebounds.

What Drives the Snapback?

  • Economic Recovery: Stimulus (post-2020) or policy shifts (e.g., central bank pivots) boost industrial metals like silver faster than gold.

  • Speculative Fever: High ratios draw retail and institutional buyers.

  • Supply-Demand Fundamentals: Silver’s market is smaller and tighter than gold’s, making price moves sharper when demand spikes (e.g., solar panel production surging post-2020).

Investor Implications:

  • Asymmetric Opportunity: At 100+, silver’s risk-reward skews favourable. A return to a 70:1 ratio from 103:1 (April 2025) implies silver could rise ~47% (e.g., from $25 to $37/oz) if gold stays flat, or more if both metals rally.

  • No Need for Perfect Timing: It’s not about catching the exact bottom but recognising the window. Post-100 spikes often precede multi-month silver uptrends.

  • Watch Triggers: Look for central bank easing, industrial recovery, or retail momentum.

Important Notes:

  • Uncertainty: The snapback isn’t instant. I remember how Silver lagged for weeks in 2020 before rocketing. I really questioned myself every day wondering if I had called this one wrong! All those comments of "moron" "idiot" "clueless investor" etc - played mind games with me daily... but I just held my nerve.

  • Macro Risks: Persistent dollar strength or industrial weakness (e.g., 2025 tariff impacts) could delay silver’s rally. Not to mention manipulation by the big banks!

  • I don't have a crystal ball: While the pattern holds historically, black-swan events or market manipulation could disrupt it. Hence why I said this is not financial advice.

How I Played It In 2020:

  • I sold all of my assets like stocks and crypto and sent that currency to...

  • This Bullion allocation vault here: (https://bit.ly/3kbgO61)

  • Within my Vault account, I Sold ALL my Gold that I had on allocation.

  • I then took all the currency combined and put BUY Orders on Silver, BELOW the Spot price.

  • I was patient. I didn't rush. I just let the orders slowly fill, a few grams here, a kilo there...

  • I repeated this pattern over several weeks until I had accumulated such an amount that the CEO of the vault called me! His team had to do KYC & AML checks on my account!

  • When the ratio crashed back down, I sold and took massive profits.

Again, this is not financial advice and I am not recommending that you follow what I did. I'm just simply sharing with you what I did back in 2020.

I hope that helps someone today!

If you'd like to learn more about the Gold to Silver Ratio, my new courses cover the gold & Silver ratio, as well as other advanced investing techniques in detail!

Check them out here:

Foundational Course: https://www.neilmccoyward.com/goldsilverinvesting-2

Advanced Course: https://www.neilmccoyward.com/goldsilveradvanced

Bundle Both & Save: https://www.neilmccoyward.com/goldsilvermastery

Thanks,

Neil,