Tavi Costa: the Gold-to-Silver ratio is set to decline substantially, & this is likely only the early stage of that move.

The gold-to-silver ratio is starting to move abruptly, as it often does after reaching extremely elevated levels.

As always, investors convinced themselves that this time was different and that we wouldn’t revert back to the historical average.

It’s ironic how these extremes… pic.twitter.com/BsWjOISsyJ

— Otavio (Tavi) Costa (@TaviCosta) December 9, 2025