The Ratio That Says Silver’s Bull Run Is Far From Over
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The Ratio That Says Silver’s Bull Run Is Far From Over
Written by Senior Analyst Ted Butler | July 31, 2026
Silver rebounded to $59 yesterday, but today we want to analyse something more poignant.
Earlier this year, you needed as little as 45 ounces of silver to buy 1 ounce of gold. Today, you need approximately 70 ounces of silver to buy the same golden ounce, placing the white metal back in historically undervalued territory relative to its big brother.
In April 2011, this same ratio bottomed at 32:1, capping a bull market that saw silver rise more than 12-fold, from its ~$4 low in November 2001 to a peak near $50 a decade later.
Back in January 1980, the ratio fell even further to 14:1, marking an end to a historic 39-fold silver bull run which began in 1971 around $1.30 and culminated just shy of $50 silver.
Why should this matter to silver investors as you crack open a cold one this summer Friday?
Well, for starters, silver hasn’t notched anything near those kind of returns in the current bull market, having ‘only’ risen around 3-fold from its 2022 lows of $18 to its $59 price tag today.
Were silver to repeat its 2001-2011 surge, a 12-fold increase from 2022 lows would give us more than $210 by the end of the cycle — not at all far from the $300 target Peter and I share.
Better yet, if silver were to replicate the 1970s run, a 39-fold surge from 2022 lows would carry it all the way toward the lofty heights of $700, comfortably clearing our target and then some.
Importantly, these extrapolations are not intended as near-term forecasts. Instead, they are a reminder that silver bull markets seldom finish with a 70:1 gold silver ratio, nor a 3-fold increase.
In other words, the current silver bull market — as volatile as it’s been — has barely scratched the surface of what history suggests is possible, leaving a huge opportunity for investors today.
Against that backdrop, we bring you this week’s Scoop, featuring news from four companies, which are all more than well-placed to ride this burgeoning silver bull all the way to the bank.
For more of my silver market analysis—along with insights from Senior Analyst Ted Butler and the latest company news—subscribe to The Silver Advisor today:
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