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.