Gold’s silver ratio could sprint to 121.7 ATH, Peter Brandt says

Veteran trader Peter Brandt said on Friday that the gold-to-silver ratio (GC/SI) could run toward a new all-time high, with 121.7 highlighted as a possible target after a breakout above a key horizontal level.

In an X post on Friday, Brandt shared the ratio’s weekly chart and wrote, “Looks to me as if Gold/Silver might take a run at an ATH.” The chart showed GC/SI around 74 following a sharp drop earlier in 2026 and a subsequent recovery. Brandt also saw scope for further gains toward 121.7.

As of Friday, gold was trading around $4,022 per ounce and silver near $54. A rising ratio indicates that gold is outperforming silver, while the ratio remained below 90, above which gold is considered overvalued nowadays.

The analysis came during a broader correction in precious-metal prices. Gold briefly dropped below $4,000 on Friday, hitting its lowest levels in nearly three months, as expectations grew that Fed rates could stay higher for longer. Brandt said relative strength may continue to favor gold over silver in the near term.