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03. Nov. 2524 min readSubscriber

Tim Hack · Founder, Vaapad Capital

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FIELD NOTE · NOVEMBER 2025 · MONETARY HISTORY

The Gold – Silver Ratio

Seven thousand years of monetary history, condensed into a single number — and what that number reveals about the modern market.

Methodology: Cliometrie · Monetary History · Long-Cycle Analysis
Sources: Neo-Sumerian Cuneiform Records · Egyptian Archaeological Data · Roman Monetary Edicts · Macrotrends · Silverstealers.net · @MakeGoldGreat Infographics
Frame: Prehistory → Antiquity → Medieval → Modern → Clown World
Stand: 3. November 2025

INTRODUCTION · THE RATIO DEFINED

One Number, Seven Millennia

The gold-to-silver ratio — how many ounces of silver it takes to buy one ounce of gold — is among the oldest continuous price signals in recorded human history. Civilizations rose and fell measuring their wealth against it. Empires fixed it by decree. Wars shifted it. Mining booms collapsed it. And yet for most of recorded time, the ratio stayed within a band that today would be considered outrageously pro-silver: somewhere between 2:1 and 15:1.

Today it sits above 80:1 — and has flirted with 120:1. That is not history. That is an anomaly wearing a suit.

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