The silver-gold ratio dates to the first Egyptian pharaoh, Menes, who stated that two and one-half parts silver equals one part gold. Long before fiat currencies, gold and silver were money, a means of exchange, and hard currency.
Since gold and silver futures began trading on the CME’s COMEX division in the 1970s, the price of continuous contract gold futures divided by continuous contract silver futures was as low as 15.5:1 in 1979 and as high as 111.4:1 in 2020. The long-term average is 63.5:1.
