Market Report
Learn more about all important trends in the precious metals markets in our market reports on a regular basis.
Silver’s outperformance of gold shows a rally pushing its limits
No. 03 | 26th January 2026
Silver’s dramatic outperformance of gold over the last nine months is an
indication that the rally may be nearing an end (for now at least). Historically,
silver has outperformed gold in the closing stages of price rallies. The gold:silver
ratio has fallen from 105 in April 2025 to a low of 49 last week, the lowest
level since 2013, even as the gold price continued to hit record highs. The
gold:silver ratio has been lower than today several times in the past but has
rarely seen such a large swing in such a short time. Read more in this week’s Heraeus Precious Appraisal.
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