Gold Rally Continues as Barbaric Relic Prices Rise Twice as Fast as Silver

Goldman Sachs does not expect silver to catch up with gold's ongoing rally.

The gold-silver ratio, which measures the number of ounces of silver needed to buy an ounce of gold, is currently around 102, down from around 84.7 a year ago .

“With a slowdown in Chinese solar production, high recession risks and continued strong gold buying by central banks in 2025, we expect gold to continue to outperform silver ,” the bank said.

However, he added that given the strong correlation of flows, renewed gold demand in 2025 would likely boost silver prices as well.

Spot gold prices have gained more than 26% this year to a record $3,500.05 an ounce in April, helped by geopolitical uncertainty and increased flows into gold-backed ETFs, the bank said. Silver prices are now at $32.4 an ounce, implying a 12% increase in 2025.