Risk on in PM sector is defined by rising SGR. Currently SGR has been languishing down so as all juniors and micro juniors.

But there is light at the end of this dark tunnel.

Silver to gold ratio vs Gold price indicates that once gold leads the SGR there will be a time SGR will turn around. Thus miners will be trending higher.

The weekly chart from 1999 todate shows market has seen this before in 2001 to 2003 when gold moved higher SGR continued down. At some pont SGR turned and bull of 2007 followed.

TSI blog just had a post on this behavior.

http://tsi-blog.com/2018/02/gold-leads-silver/