Reply #71: Put it this way

[Art_from_Ark]

The way the 16:1 ratio is generally used is as a comparison of the respective values of the two metals (16 ounces of .999 silver = 1 ounce of .999 gold). For all practical purposes, that ratio in terms of market value has not been in effect since the early 1870s, although the silver used to make a silver dollar up through 1935 was still 16 times heavier than the gold used to make a gold dollar (which was phased out in 1889).

And for what it's worth, the current silver-to-gold production ratio is down to about 9:1 (as of 2010)