The SLV-GLD ratio (SGR, upper) has been strong (a positive) but is at resistance defined by the 200 day moving averages. The HUI-Gold ratio (HGR, lower) just plain stinks, in losing the support line. I don’t know how else to put it.
These are two supposed leading indicators for the precious metals and they are at odds. The SGR seems to think that the HGR is on a false breakdown and the HGR thinks SGR is going to fail at resistance. I am going to opt for capital preservation and believe the lower panel until proven otherwise because we should always preserve capital first and try to grow capital second.