david morgan sees silver outperforming gold two-to-one:

Because silver is becoming scarcer and its uses continue to increase and investment awareness grows, I believe that the ratio will favor silver over the longer term. When I said that the silver market bottomed in September of 2003, I was very accurate with that call. The ratio was roughly 80:1 then. Today it stands at about 60:1. It's been as low as about 50:1 during this bull market. At the top of the market, we may see the classic ratio reestablished.

The classic or monetary ratio, as I call it, was reestablished very briefly in 1980, when silver peaked. The ratio got to around the16:1 level at that time. I think we could reasonably see 30:1, which would mean that silver would outperform gold 2:1 from here on out. However, to be consistent I have stated that in a buying panic we might even see a 10:1 ratio. I want to keep my creditability, before we get that type of ratio we need to see 50:1, then 40:1 and so on; in other words, let us watch the market before we make too wild a forecast.

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