Just a chart for reference.
Ratio Down = Risk-On
Ratio Up = Risk-Off
Per FxStreet definition:
A contracting economy usually decreases the industrial demand for silver while gold tends to keep its value as a monetary asset. The reason is that silver functions mainly as an industrial metal while gold serves as a hedge against economic and political uncertainty. As a result, this ratio normally goes up during risk aversion and falls off during times of risk appetite. A rising ratio means gold is outperforming silver, and a falling ratio means silver is favored. When this ratio is about to turn from a bottom, traders expect risky assets to fall. When silver out-muscles gold and the ratio starts to slip, the market's appetite for risk grows.
Ratio Down = Risk-On
Ratio Up = Risk-Off
Per FxStreet definition:
A contracting economy usually decreases the industrial demand for silver while gold tends to keep its value as a monetary asset. The reason is that silver functions mainly as an industrial metal while gold serves as a hedge against economic and political uncertainty. As a result, this ratio normally goes up during risk aversion and falls off during times of risk appetite. A rising ratio means gold is outperforming silver, and a falling ratio means silver is favored. When this ratio is about to turn from a bottom, traders expect risky assets to fall. When silver out-muscles gold and the ratio starts to slip, the market's appetite for risk grows.