Veteran trader Peter Brandt has indicated that the gold-to-silver ratio (GC/SI) could move toward a new all-time high based on technical analysis of weekly charts. In commentary shared on Friday, Brandt highlighted a breakout above a key horizontal level, suggesting further gains are possible.
The ratio currently stands around 74 following a sharp drop earlier in 2026 and subsequent recovery. Brandt identified a potential target of 121.7 on the upside. A rising ratio indicates gold outperforming silver relative to one another.
As of the time of reporting, gold was trading around $4,022 per ounce while silver traded near $54. The ratio remains below 90, the level above which gold is typically considered overvalued by current standards.
This technical assessment comes during a broader correction in precious metals prices. Gold has retreated from an all-time high above $5,400, while silver has experienced sharper volatility and declines. Gold prices briefly fell below $4,000 on Friday, marking near-term lows.
Brandt's analysis also noted potential downside risks in gold markets. In separate commentary, he posted a weekly gold futures chart identifying a possible sharp decline from near $4,000 that could extend to around $2,533 support level, which would erase all of gold's 2025 gains. Brandt clarified he was not predicting such a move but was examining the technical possibilities.
Precious metals have faced pressure amid expectations that Federal Reserve rates could remain elevated for an extended period.
