Below is a 2012 post from Steve Saville on the ratio.

http://www.321gold.com/editorials/saville/saville052312.html

I have been watching this ratio along with XAU/GOLD . YES it has been brutal market.

HOPE it has turn the table in miners/juniors included.

Private Placements are up significantly this year. May be some one will compile a list and compare with 2015 in the same time frame???

Gold Miners Index BGMI/gold 1920 to 2015:

BGMI 1920 to date

BGMI to Gold 1964 to 2014″

BMGJ vs Gold