The gold to silver ratio is currently trading at 69.75 and has broken above the falling 200 day moving average of 66.50. The question now arises as to whether there is more upside potential in this ratio, or will the Fibonacci 38.2% retracement level of 68.37, based on the entire 45.92 to 104.70 range traded between April 2025 and January 2026 act as a magnet.

Based on the current bearish technical outlook for all precious metals and the appearance of higher highs and higher lows on this ratio, further upside fantasy towards 75.30 and thereafter towards 82.24 could well become reality.

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