What we need for the PM bull market to gain traction is for this down trend line to be broken to the upside in a convincing manner. The 1996 high for the $XAU:$GOLD ratio was 0.37 – six times higher than today’s close at .06

Let that sink in for a moment.

Obviously, investors in the West today are not buying the PMs or the miners. Like the man said, nobody believes that everybody believes that gold is money.
It could be that a threat of deflation in financial assets countered by massive central bank currency creation is the only thing that will turn this market around. The trouble is, in a panic the miners could very fall along with everything else. One might do well with some dry powder.