Silver to gold ratio is key to gold,silver and miners trend.

Since 2009 the financial crash the ratio has positve relation with yield spread specially to 10 yr T and 2 yr Treasury.

Weekly combo chart of 30ema shows the relationship.

Up to 2009 the general market and SGR were -tively related to the spread. In 2007 at the height of the boom both market and SGR were topping out.

Why the change _ do not know????

For PM sector bulls watch the reversal of spread to widening or Steepining of yield spread which should jump start gold bull.