Last week we noted that SLV was breaking a trend line. Among that and other bearish indicators, the Silver-Gold ratio had been holding out as a lonely positive indicator for the precious metals as it was merely consolidating. Today even it appears to be readying to drop.
As much as I would like to be a contrarian we cannot yet marry up technicals and macro fundamentals with the value and deplorable sentiment to make a clearly compelling case. The moment this changes, I will be happy to get bullish. But not until.
