Silver to gold ratio on weekly chart shows bullish divergence and reversal candle similar to 2016 bottom.

Once the ratio trades above 30 ema expect sentiment in PM sector change.

This ratio along with XAU to gold ratio has been in bear trend wince 1980. Yes 1980. Both ratios are down from when gold price was even lower than today.

A 36 year line chart shows clear downward trend for both ratio. Over last 36 years gold has performed well compared to the ratios. Thus making investment in miners unprofitable.

Will this change?? Watch yield spread. When yield spread changes to widening it may have positive effect on SGR thus on XAU to Gold ratio. Notice Cua to gold ratio tracks SGR over the years.