The ratio has a ways to go but today is shaping up well for a near term explosion higher.  If you recall my post from yesterday, to make a definitive break above cloud resistance on the weekly chart in the next 2 weeks, the ratio has to close up over 1.32 (basically the December ’23 peak).

Of course next week is the FOMC meeting and all of its surrounding shenanigans, so expect crazy gyrations, but the fact the ratio is making such a solid move prior to that meeting I think speaks volumes.  Maybe the Fed makes an insane announcement, like YCC.  It may not even matter at this point since all of the usual correlations have broken down completely since February (e.g., yields, USD and commodities all higher).  The fact that the US stock market is red today makes the relative performance of the miners even more impressive.  Will the miners snatch defeat from the jaws of victory next week (yet again)?  I don’t think so.  Everything is in place fundamentally and technically for a massive surge within the next couple of weeks.  Let’s go.