On May 21, Mike McGlone, senior commodity strategist at Bloomberg Industry Research, said that the gold to silver ratio usually peaks when the Federal Reserve ends its easing policy-the gold to silver ratio, which reached 100 times on May 20, is approaching the highest quarterly closing level in history (It reached 113 times in the first quarter of 2020). Unlike previous peak periods, the current lack of a key element of Fed easing may indicate a lose-lose situation for risky assets. The current gold-to-silver ratio (around 100 times) has limited predictive significance for economic trends-if the gold-to-silver ratio, which reached 100 times on May 20, is still above 91.5 times at the close of 2025, it will hit a record high year-end ratio, which usually signals an unfavorable global economic outlook. 1990-91 This ratio peaked during the U.S. economic recessions in 2020 and 2020, but this time it lacked a key prerequisite, that is, the Federal Reserve's easing policy had not yet bottomed out.