Gold-Silver Ratio Hits 77 as Silver Drops to 11-Month Low on Fed Jitters
Key Takeaways
- Silver falls to its lowest price since November 2025, pressuring investors to rethink positions.
- Gold-silver ratio climbs to 77, a sign of silver's underperformance versus gold.
- Rate hike fears and a softening physical market weigh on silver, according to market sources.
- Gold holds firmer, keeping its spot as the preferred store of value.
Silver Slides as Rate Hike Anxiety Builds
Silver's sharp decline has caught my attention—I've watched the metal underperform gold in past tightening cycles, but this time feels extra stark. Prices dropped to their lowest since November 2025 as traders priced in the possibility of another US Fed rate hike in December. The precious metals desk at BullionStar noted that "physical demand for silver has softened considerably since September"—not something you want to hear if you're bullish on silver bars or coins (BullionStar).Table: Key Metrics (as of October 30, 2026)
| Metal | Spot Price (US$/oz) | 11-Month Low? | Year-to-Date Change |
|---|---|---|---|
| Gold | [REDACTED] | No | [REDACTED] |
| Silver | [REDACTED] | Yes | [REDACTED] |
*Exact spot prices omitted per research notes. But the direction is clear: silver is struggling.
The selloff isn't just a US story. In Singapore, a few regulars I've spoken to mentioned they're "waiting and watching" after months of brisk buying. And with GST changes shaking up bullion buying patterns here (see How Singapore's GST Change Is Shaking Up the Precious Metals Scene), there's even more reason for caution.
Gold Holds Steady, Ratio Surges
Meanwhile, gold has managed to hold its ground, buttressed by safe haven demand. The gold-silver ratio—the number of ounces of silver it takes to buy one ounce of gold—has surged to 77. Historically, the ratio tends to rise when investors expect tough times or rate hikes: gold, the defensive play, outshines industrial-linked silver.This widening spread makes silver look cheap by historical standards, but as I've written in Gold, Silver, or Platinum? How I Pick My First Bullion in SG, cheap doesn't always mean bottom. If Fed hike fears persist, silver could face more pressure, especially if physical buyers stay on the sidelines.
For those considering entry, it's worth keeping tabs on product pricing at BullionStar and our silver selection for any signs of renewed demand. And if you're more comfortable sticking to gold, you can always browse gold bars and coins as the metal continues to anchor portfolios during choppy macro conditions.