silver is as much an industrial metal as a precious one. there is good reason for it to lag given the global slowdown. gold is irl not such a good inflation hedge medium-long term, but functions as a refuge in a time of currency confusion. gold is actually also a very good deflation play. so i don't think anything is strange about the au/ag ratio. maybe try finding historical periods with a slowing economy and see what the ratio was then to get a better comparison.