The last month in the SIL:SLV ratio has been extremely ugly.  The miners are basically currently trading at the same price relative to silver as when silver was $12 back in March.  The 50 dma for SIL:SLV is trending downwards and the 200 dma has flattened out and will start to slope downwards soon.

This is in stark contrast to the gold miners vs gold ratio (e.g. $hui:$gold), which has held up much much better and whose 50 dma and 200 dma are still trending higher beautifully.

The takeaway here is that while silver miners are still making you money, the underlying metal has drastically outperformed them on a risk adjusted basis since the March lows.  I doubt the silver miners will see any serious institutional money until this trend changes.