Market Update
Silver and Gold Market Update
Spot prices, the gold-to-silver ratio, and a plain read of what is moving the metals market.
Gold: $3320.00 / oz
Silver: $65.40 / oz
Gold/Silver Ratio: 50.8:1
Silver — Past 12 Months: +75.0%
Week of August 16, 2026
Silver Holds Its Range as Industrial Buyers Stay Active
Silver traded in a relatively narrow band this week, with physical demand from industrial buyers absorbing available supply. Premiums on retail products remained firm, which historically indicates steady retail demand rather than speculative churn.
Gold held its ground as well, keeping the gold-to-silver ratio near 51:1 — above the long-run historical average of roughly 60:1. Analysts remain divided on whether the ratio narrows from here; we make no prediction either way.
For long-term holders, the fundamentals we track have not changed: approximately flat mine supply, a sixth consecutive year of deficit, and industrial consumption on contracted schedules.
Key Data
| Metal | Spot Price | 1-Week | 1-Month | YTD | 1-Year |
|---|---|---|---|---|---|
| Gold | $3320.00 | +0.6% | +2.1% | +14.8% | +33.9% |
| Silver | $65.40 | +1.2% | +3.4% | +22.5% | +75.0% |
| Gold/Silver Ratio | 50.8:1 | — | — | — | — |
Market data is for informational purposes only. Past performance does not guarantee future results. This is not investment advice.
Key Drivers
Industrial Demand
Solar manufacturing, electric vehicles, AI data center buildout, and defense electronics continue to consume silver on contracted schedules that do not pause for higher prices.
Supply Deficit Update
Mine output has been roughly flat near 820-850 million ounces per year. The deficit has narrowed from its 2022-2023 peak, but above-ground stockpiles continue to be drawn down.
Fed and Macro Context
Real interest rates, dollar strength, and federal deficit financing all historically influence hard asset demand. We report these conditions rather than forecast them.