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Visualizing the Gold-to-Silver Ratio Since 1869

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Visualizing the Gold-to-Silver Ratio Since 1869

Published

5 months ago

on

November 18, 2024

By

Bruno Venditti

Graphics/Design:

Sabrina Lam

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See this visualization first on the Voronoi app.

Visualizing the Gold-to-Silver Ratio Since 1869

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The gold-to-silver ratio shows how many ounces of silver equal one ounce of gold. It is the oldest continuously tracked exchange rate, dating back to 3200 BCE. Historically, the ratio played an important role in ensuring coins had their appropriate value, and it remains an important technical metric for metals investors today.

This graphic shows the gold-to-silver ratio since 1869. Data was compiled by Longtermtrends.

The History of the Gold-to-Silver Ratio

The earliest recorded instance of the gold-to-silver ratio dates back to 3200 BCE, when Menes, the first king of Ancient Egypt, set a ratio of 2.5:1. Since then, the ratio has generally seen gold’s value rise as empires and governments became more familiar with the scarcity and difficulty of production for both metals.

Ancient Rome was one of the earliest civilizations to set a gold-to-silver ratio, starting as low as 8:1 in 210 BCE. Over the years, varying gold and silver inflows from Rome’s conquests caused the ratio to fluctuate between 8 and 12 ounces of silver for every ounce of gold.

By 46 BCE, Julius Caesar had established a standard gold-to-silver ratio of 11.5:1, shortly before it was bumped to 11.75:1 under Emperor Augustus.

In more modern times, the ratio peaked in 1939 at 98:1 after U.S. President Franklin D. Roosevelt changed the statutory price of gold from $20.67 per troy ounce to $35.

In 2020, the ratio reached an all-time high of 125.1 during the COVID-19 pandemic, as investors sought gold as a safe haven.

Year	Ratio
1968-01-01	16.2
1968-05-01	17.1
1969-01-01	21.3
1969-05-01	24.5
1969-09-01	24.2
1970-01-01	19.5
1970-09-01	19.6
1971-09-01	27.7
1972-05-01	31.9
1973-01-01	31.9
1973-05-01	42.7
1974-01-01	35
1974-05-01	31.4
1974-09-01	37.4
1975-01-01	41.7
1975-05-01	37.9
1975-09-01	34.8
1976-01-01	33.7
1976-09-01	25
1977-05-01	30.9
1977-09-01	32.7
1978-05-01	34
1979-01-01	37.3
1979-05-01	31.3
1980-01-01	14
1980-05-01	38.9
1980-09-01	39.1
1981-09-01	45.9
1982-09-01	52.7
1983-09-01	34.3
1984-05-01	42.1
1985-01-01	49
1985-05-01	51.1
1985-09-01	53.9
1986-01-01	56.3
1986-05-01	66.7
1986-09-01	76
1987-01-01	75
1987-09-01	60.1
1988-09-01	65.3
1989-05-01	66.7
1990-01-01	77.1
1990-05-01	74.2
1991-01-01	94.3
1991-05-01	90.3
1991-09-01	90.7
1992-01-01	90.8
1992-09-01	91.5
1993-09-01	78.2
1994-09-01	71.2
1995-05-01	66.2
1996-01-01	74.9
1996-05-01	72.9
1996-09-01	74.7
1997-01-01	77.1
1997-05-01	71.8
1997-09-01	69
1998-01-01	48.4
1998-09-01	57.8
1999-09-01	49.4
2000-05-01	54.9
2001-01-01	59.4
2001-05-01	60.4
2002-01-01	60.6
2002-05-01	68.2
2002-09-01	69.9
2003-01-01	72.2
2003-05-01	71.8
2003-09-01	73.5
2004-01-01	69.4
2004-09-01	60.3
2005-09-01	63.6
2006-05-01	47.3
2007-01-01	49.3
2007-05-01	51.1
2008-01-01	56.3
2008-05-01	52.8
2008-09-01	60.9
2009-01-01	78.5
2009-09-01	64.1
2010-09-01	64.2
2011-09-01	43.6
2012-05-01	54.1
2013-01-01	54.5
2013-05-01	61.5
2013-09-01	58
2014-01-01	61.2
2014-05-01	67
2014-09-01	66.5
2015-01-01	75.4
2015-09-01	78.3
2016-09-01	69.9
2017-05-01	74.8
2017-09-01	74.8
2018-01-01	76.7
2018-05-01	80
2018-09-01	84
2019-01-01	82.4
2019-05-01	87.3
2019-09-01	81.6
2020-01-01	84.9
2020-05-01	114.6
2020-09-01	71
2021-01-01	71.6
2021-05-01	67.1
2021-09-01	75.8
2022-01-01	78.7
2022-05-01	82.6
2022-09-01	96.2
2023-01-01	76.4
2023-05-01	79.3
2023-09-01	80.5
2024-01-01	87
2024-05-01	86.5
2024-09-01	88.5

Learn More on the Voronoi App

If you enjoyed this graphic, make sure to check out this graphic that shows the top countries by natural resource value.

Related Topics:Assets commodities gold golt-to-silver metals money silver wealth

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Real Assets

How Much Gold is in Fort Knox?

The United States Bullion Depository holds more than half of the Treasury’s $428B in gold reserves.

Published

4 weeks ago

on

March 26, 2025

By

Bruno Venditti

In this graphic we compare Fort Knox’s gold reserves with central bank gold reserves worldwide.

How Much Gold Is in Fort Knox?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

U.S. President Donald Trump has promised to visit Fort Knox “to make sure the gold is there.”

Officially, the United States Bullion Depository (commonly known as Fort Knox) holds over half of the Treasury’s $428 billion gold reserves.

In this graphic, we put that amount into perspective by comparing Fort Knox’s reserves with central bank gold reserves worldwide. The data comes from the U.S. Mint and the World Gold Council. For illustrative purposes, we considered a pallet of 1,190 gold bars (400 troy ounces each) weighing approximately 14.8 tonnes.

What Is Fort Knox?

Located in Kentucky, Fort Knox is a U.S. Army installation that serves as the primary storage site for America’s gold reserves. The facility was established in the 1930s to protect gold from potential foreign attacks.

The first gold shipment arrived in 1937 via U.S. Mail from the Philadelphia Mint and the New York Assay Office. During World War II, Fort Knox safeguarded important U.S. documents, including the Declaration of Independence, the Constitution, and the Bill of Rights. It has also housed international treasures, such as the Magna Carta and the crown, sword, scepter, orb, and cape of St. Stephen, King of Hungary, before they were returned in 1978.

Currently, it holds 4,175 tonnes of gold, equivalent to nearly half of China’s gold reserves and four times the Swiss central bank’s reserves.

Reserves	Gold (Tonnes)
🇺🇸 U.S. Reserves	8,133
🏛️ Fort Knox	4,175
🇨🇳 China	2,280
🇯🇵 Japan	846
🇨🇭 Switzerland	1,040
🇮🇳 India	876
🇰🇷 South Korea	104
🇸🇬 Singapore	220
🇧🇷 Brazil	130
🇲🇽 Mexico	120
🇹🇭 Thailand	235

Only small samples have been removed for purity testing during audits; no major transfers have occurred for years.

Gold Bar Specifications

Size: 7 inches × 3 5/8 inches × 1 3/4 inches
Weight: 400 ounces (27.5 pounds)

Extreme Security

Only a select few know the full security procedures, and no single person knows how to fully open the vault.

In 1974, a group of journalists and a Congressional delegation were allowed inside—marking the first official visit since Fort Knox’s creation. Previously, President Franklin D. Roosevelt was the only person other than authorized personnel to access the vaults.

In 2017, Treasury Secretary Steve Mnuchin, Kentucky Governor Matt Bevin, and several Congressional representatives became the second group to visit the vault.

Learn More on the Voronoi App

If gold was shared equally, how much would you get? Check out this graphic to find out.

Real Assets

Charted: Top Suppliers of Aluminum and Steel to the U.S.

President Trump has imposed a 25% tariff on all steel and aluminum imports.

Published

2 months ago

on

February 17, 2025

By

Bruno Venditti

Charted: Top U.S. Suppliers of Aluminum and Steel

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

U.S. President Donald Trump has imposed a 25% tariff on all steel and aluminum imports, marking one of the most discussed measures of his first month back in the White House.

But which countries are most affected by these tariffs?

This map illustrates the top suppliers of aluminum and steel to the United States in 2024. The data comes from the U.S. Census Bureau. Aluminum includes unwrought aluminum, plates, sheets, and strips; bars, rods, and profiles; foil; wire; pipes and tubes; castings and forgings; and tube or pipe fittings.

Canada: The Largest Partner

Canada is by far the top supplier of both steel and aluminum to the United States. The neighboring country exported $9.4 billion worth of aluminum to the U.S. in 2024, significantly ahead of the second-largest exporter, the European Union, which exported $1.5 billion.

Canada also exported $7.1 billion worth of steel last year, compared to $7 billion from the European Union.

Country	Steel Imports (USD)	Aluminum Imports (USD)
🇨🇦 Canada	$7.1B	$9.4B
🇲🇽 Mexico	$3.5B	$397M
🇧🇷 Brazil	$3.0B	-
🇨🇳 China	$799M	$809M
🇹🇼 Taiwan	$1.3B	-
🇰🇷 South Korea	$2.9B	$781M
🇩🇪 Germany	$1.9B	$318M
🇯🇵 Japan	$1.7B	-
🇮🇳 India	$489M	$445M
🇪🇺 European Union	$7B	$1.5B
🇦🇪 UAE	-	$917M
🇧🇭 Bahrain	-	$535M
🇦🇷 Argentina	-	$468M
🇹🇭 Thailand	-	$271M
🇬🇧 UK	$440M	-

Mexico, South Korea, and Brazil are also among the top suppliers of steel to the United States. Meanwhile, the country imports aluminum from other key partners, including China, the United Arab Emirates, South Korea, Bahrain, and Argentina.

A recent report by the Center for Strategic and International Studies (CSIS) noted that the U.S. produces less than 2% of the world’s primary aluminum.