We used to call this ratio the Yukon Ratio (alas, that’s another story) The ratio can be used to good advantage to call market turns in the PM index. When the ratio is rising, the miners outperform the metal. Conversely, when the ratio is falling the miners under perform the metals – like they did during the extended bear market.
If the blue inverse SHS works out it will almost certainly negate the potential black HnS that portends a draw down in the miners.

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