Gold vs Silver for Canadian Investors in 2026: CAD Prices, the Gold-Silver Ratio and 50-Year Returns
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Gold vs silver is an old debate for Canadian investors, and 2026 has given it new numbers. Both metals set record monthly averages early in the year and have since pulled back, silver by much more. This article uses World Bank monthly price data, Bank of Canada exchange rates and industry supply-demand surveys to compare the two in Canadian dollars. It also looks at the gold-silver ratio and returns over 10, 20 and 50 years.
Where prices stand (September 2026)
The World Bank's October 2, 2026 Pink Sheet puts the September 2026 average at US$4,319/oz for gold and US$64.60/oz for silver (World Bank Pink Sheet, Oct. 2026). The Bank of Canada's September 2026 average exchange rate was C$1.3962 per US dollar (Bank of Canada, FXMUSDCAD). At that rate, by our conversion, gold averaged about C$6,030/oz and silver about C$90.19/oz in September.
Both metals have come off their 2026 highs. In the World Bank's monthly series, silver's record average was US$92.10 in January 2026 and gold's was US$5,020 in February 2026 (World Bank monthly data, updated Oct. 2, 2026). By September, silver was about 30% below its peak and gold about 14% below its own. For 2025 as a whole, gold averaged US$3,442 and silver US$39.80, up about 44% and 41% from 2024's US$2,388 and US$28.30 (Pink Sheet).
The gold-silver ratio
The ratio is the number of ounces of silver that one ounce of gold buys. On the September 2026 averages it was about 66.9. That is below the average of roughly 71 for the 20 years to September 2026, calculated from the World Bank monthly series (World Bank monthly data). In April 2020 the same series put it above 110. In January 2026, when silver peaked, it briefly fell to about 52.
A low ratio means silver is expensive relative to gold, and a high ratio means it is cheap. The ratio doesn't predict which metal will do better next, and it can stay far from its average for years.
Long-run returns: closer than the reputation suggests
Here are price changes in the World Bank monthly averages to September 2026. They are in US dollars, nominal, and before storage, dealer spreads or fund fees:
| Period | Gold | Silver |
|---|---|---|
| 10 years (from Sep. 2016) | ×3.25 (about 12.5%/yr) | ×3.33 (about 12.8%/yr) |
| 20 years (from Sep. 2006) | ×7.22 (about 10.4%/yr) | ×5.52 (about 8.9%/yr) |
| 50 years (from Sep. 1976) | ×37.9 (about 7.5%/yr) | ×15.0 (about 5.6%/yr) |
Source: our calculations from the World Bank monthly series.
Over the last decade the two metals were roughly even. Over 20 and 50 years, gold did clearly better. In Canadian dollars, from January 2017 to September 2026, gold rose about 283% and silver about 305%. Those figures use the Bank of Canada's monthly averages of C$1.3193 and C$1.3962 (Bank of Canada). The weaker loonie added to returns for Canadian holders.
Silver took a much bumpier path. Its annualised volatility over the 10 years to September 2026 was about 26%, against about 12% for gold. That is our calculation from monthly changes in the same series.
Different demand drivers
Silver is largely an industrial metal. In 2025, industrial uses took 657.4 million ounces of total demand of 1,130.6 Moz, about 58% (Silver Institute, World Silver Survey 2026). Photovoltaics alone accounted for 186.6 Moz. Industrial demand fell 3% in 2025, its first post-pandemic decline. The market was still in deficit for a fifth straight year, at 40.3 Moz.
Gold demand is led by investors and central banks. Technology used 80 tonnes of the 1,269 tonnes of total Q2 2026 demand, about 6% (World Gold Council, Gold Demand Trends Q2 2026). Central banks bought 289 tonnes in the quarter, while gold ETFs saw outflows of 45 tonnes. The LBMA PM price averaged US$4,506.29 in Q2, 8% below Q1's record.
The Canadian angle
Canada was the world's fourth-largest gold producer in 2025, at an estimated 200 tonnes (USGS; see our global gold production breakdown). For investors, the choice is often less about bullion than about which producers to own. Miners add operating, cost and jurisdiction risk on top of the metal price. Our companies pages and Canada coverage track the TSX-listed names. Past returns do not predict future ones.
How we checked this: AI-drafted from the sources linked above and checked against them by our AI editor.
How we produced this article
AI-drafted from cited sources and checked by an AI editor before publishing. See How we fact-check.Related stories
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