Gold/Silver Ratio at record high

The top panel shows gold and silver prices individually and the lower panel the gold/silver ratio. Note the ratio shooting well above precious highs. Silver has a much higher industrial usage, partially explaining the highs, but the ratio is still well above levels of the early '90s recession. It may also be the result of dramatic expansion of Fed balance sheet and huge expansion of fiscal spending, and related debt/deficits, to rescue the U.S. economy from COVID-19.