Over the past 60 years, the price of silver has followed the price of gold, although gold itself has risen faster most of the time.

The ratio between their prices more than doubled from the 1960s to the period 2000–2015 and has remained at a high level since 2016. As of December 2024, this ratio was 42% higher than the 2000–2015 average.

However, in 2025, the situation changed. From the beginning of the year to October, silver has risen in price by 69%, overtaking gold, whose price rose by 53% over the same period.