Veteran trader Peter Brandt says the gold-to-silver ratio could be heading toward a new record. Gold briefly fell below $4,000 on Friday, yet the ratio still sits well below the level where gold is considered overvalued.
Veteran trader Peter Brandt said on Friday that the gold-to-silver ratio (GC/SI) is pointing to a potential run toward a new all-time high. Gold and silver prices have stayed under pressure amid expectations that Fed rates could remain higher for longer.
Brandt sees the ratio breaking out
In an X post, Brandt shared a weekly chart of the ratio. According to Brandt: "Looks to me as if Gold/Silver might take a run at an ATH." The chart shows the ratio around 74 after a sharp drop earlier in 2026 and a recovery.
Brandt highlighted a breakout above a key horizontal level and a possible move toward 121.7. A rising ratio means gold outperforms silver.
Gold slips under $4,000
Gold trades around $4,022 per ounce and silver near $54. The ratio remains well below 90, above which gold is considered overvalued nowadays.
The move comes during a broader correction in precious metals. Gold has retreated from an all-time high above $5,400, and it briefly dropped below $4,000 on Friday, its lowest level in nearly three months. Silver recorded larger volatility and sharper declines in recent sessions.
According to the source, Brandt's chart implies relative strength may continue to favor gold over silver in the near term. The source ties this to rising oil prices and inflation concerns amid the US-Iran war and Middle East tensions.
Downside risks for gold
Brandt also posted a weekly gold futures chart. It highlights a potential sharp decline from near $4,000 that would erase all of gold's 2025 gains, with a drop to around $2,533 support.
Brandt said he is not predicting the move. He questions how it would fit gold bug Peter Schiff's consistently bullish narrative on gold prices.
Source: CoinGape
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