A Crack Beneath the Surface?

Last week we laid out what we believe is one of the most important charts in all of precious metals right now: Silver relative to Gold, overlaid with Gold Miners relative to Gold.

Those intermarket ratios are sitting at pivotal levels, and what happens next will likely dictate the next major leg for the entire complex.

This week, we want to zoom in even further.

If we’re talking specifically about the miners, there may not be a more important chart right now than the Gold Rush Junior Miners Index relative to the Gold Rush Big Miners Index.

This is our risk-on/risk-off barometer within precious metal equities.