Silver has outperformed gold in price appreciation during 2026, pushing the gold-to-silver ratio down to 59.4 as of May 22, from 81.3 at the start of the year. The ratio, which measures how many ounces of silver it takes to purchase one ounce of gold, reflects silver's faster percentage gains and has reached its lowest level since 2020.
Silver reached $76.18 per troy ounce on May 22, a 47% gain from its January 1 opening price of $51.82. The divergence from gold's 31% gain reflects silver's dual role as both a monetary metal and an industrial input. Demand from solar panel manufacturing has increased substantially as US solar capacity additions accelerated under extended federal investment tax credits, with the Silver Institute estimating solar applications will consume 210 million troy ounces in 2026.
Electric vehicle battery technology developments have further boosted silver's industrial demand profile. Several automotive suppliers have confirmed increased silver usage in next-generation EV power electronics and thermal management systems relative to earlier model years.
Investment demand has also strengthened. Physical silver ETF holdings increased by 124 million troy ounces in the first quarter of 2026, as retail and institutional investors increased allocations alongside gold's rally. The US Mint reported that American Silver Eagle coin sales through April 2026 reached 14.3 million coins, a 38% increase from the same period in 2025.
Source: Investing News Network -- https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-gold-ratio-59-2026/