The SIL:$silver ratio is trading at the same level as when $silver was $13!

Talk about return free risk!  (why would anyone with a functioning brain take the risk of owning a mine in Mexico or Bolivia or wherever when bullion in your hand yields an equal return? If this trend continues, silver miners are in big big trouble in real terms (they can still go up in nominal terms).)

Gold miners have done better relative to gold, but even they have still not taken out their 2016 peak vs gold.  I have been expecting a breakout in the ratio for over 4 years and we still have not done it despite gold being at all time highs.  What was the definition of insanity again?