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Is silver about to break out?
For more than a year, we’ve been tracking the horse race between gold and silver, flagging which metal appeared better suited for outperformance due to the gold-to-silver ratio.
The quick recap: In early 2025, with the gold-to-silver ratio above 105, silver was deeply undervalued. We flagged its asymmetric upside, and between July 25 and January 15, silver exploded 137% while gold climbed a respectable 37%.
Then, with silver’s explosive run having reset the ratio to around 51 – its lowest since 2012 – we flipped the script and said gold was the better bet. Sure enough, gold outperformed as the ratio climbed back toward equilibrium.
