Silver to gold ratio and credit spread High yield bond to Treasury ratio MUT/TLT supposed to be in positive relation. Historically both are indicator of credit condition of the financial market.

Yet the chart of 30 ema indicates they have diverged in this new environment since 2012.

One sector has positive sentiment vs the other is in fear.

This ratio is the only key indicator for PM sector to follow for a turn in this sector. All other are simply a noise. Till this changes course PM sector will remain sideways to down.