In early 2026, the precious metals market is undergoing a profound restructuring. COMEX gold prices remain stable at $4,633.9 per ounce, while silver has directly broken through the historical high of $93 per ounce. These two figures seem independent, but the story behind them is far from simple — the gold-silver ratio has fallen to 49.73, marking the first time since March 2012 that it has broken below 50. Over the past decade, this market equilibrium has been shattered.

What does this mean? First, let's look at the gold-silver ratio itself. Its concept is quite straightforward — it is the price of gold divided by the price of silver. Historically, this ratio has typically fluctuated between 60 and 80, which aligns with the natural distribution of global gold-to-silver reserves at 1:10 and also reflects the market valuation attributes of the two metals. When the ratio exceeds 80, it indicates that silver is undervalued by the market; once it falls below 50, it enters an extreme zone, signaling a significant misalignment in valuation systems.

Looking back at the changes over the past few years is even more interesting. During the global event in 2020, the gold-silver ratio soared to a historic peak of 120. But by April 2025, it was still hovering at a high of 103. From 103 down to 49.73 in just nine months, a drop of over half — such speed is rare in the past 20 years. This is no coincidence; behind it are the safe-haven currency attributes of gold and the dual industrial and financial roles of silver, which have experienced dramatic divergence under the current macro environment — gold attracting risk-averse capital, while silver's industrial demand and financial attributes are being re-priced.