Silver/Gold Ratio Monitor
Front-month gold over front-month silver, with Austrian interpretation and Fekete bimetallic arbitrage context. Updated every 15 minutes during U.S. market hours.
Current Ratio
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Austrian Interpretation
Fekete wrote extensively on bimetallic arbitrage. Extreme ratios signal dislocation in the precious metals market. Historically, the ratio hovered near 16:1 (the natural geological ratio). Ratios above 80:1 suggest silver undervaluation; below 40:1 suggest reversion or gold stress.
Methodology
The Silver/Gold Ratio Monitor computes the ratio of front-month COMEX gold futures price to front-month COMEX silver futures price, expressed as ounces of silver per ounce of gold. The monitor samples both quotes on a 15-minute cadence during U.S. market hours and overlays the current reading on the full historical series.
The geological abundance ratio of silver to gold in the Earth's crust is approximately 16:1 — the natural ratio that bimetallic monetary systems historically converged on. Modern ratios run far above that baseline, reflecting silver's demonetization after 1971 and the divergence between industrial silver demand and monetary gold demand.
Data Sources
- Gold futures
- CME front-month gold (GC)
- Silver futures
- CME front-month silver (/SI)
- Update cadence
- Every 15 minutes during U.S. market hours
- Historical retention
- Daily readings retained continuously since instrument launch
How to Interpret
The ratio is read against three reference bands. Below 40:1 historically indicates either silver overvaluation (monetary remonetization episodes) or gold stress (rare). Between 40:1 and 80:1 is the modern industrial-demand range. Above 80:1 signals silver undervaluation against the geological baseline — the band the modern market has spent most of the post-1971 era in.
Fekete's writing on bimetallic arbitrage frames extreme ratios as dislocations that eventually mean-revert via gold weakness, silver strength, or both. The monitor is designed to surface the moves within and across these bands rather than to predict the timing of reversion.
How to Cite
Researchers, journalists, and analysts citing this instrument are welcome to use the formats below. Replace [date of retrieval] with the date you retrieved the reading.
Prose
New Austrian Economics, Silver/Gold Ratio Monitor, retrieved [date of retrieval], https://newaustrianeconomics.com/toolkit/silver-gold-ratio
Academic (APA)
New Austrian Economics. (2026). Silver/Gold Ratio Monitor [Data analysis tool]. Retrieved [date of retrieval] from https://newaustrianeconomics.com/toolkit/silver-gold-ratio
One-liner
per the Silver/Gold Ratio Monitor at newaustrianeconomics.com