The gold/silver ratio is an indicator of the relative value of gold to silver.
At 120:1 it means that you need 120 ounces of silver to have the equivalent value of 1oz of gold.
The silver price has fallen 32% since late February as global markets for everything from metals to oil to stocks have sold down hard as the Covid-19 virus has spread around the world. Yet in the same time, gold is down only 12%, which has pushed the gold/silver ratio to 120:1. Silver stocks have been pummelled more than gold stocks in the process, which begs the question: is silver no longer an investible metal and now just another industrial metal?