Putting in a real bottom (one that a major bull move can generate from) is not easy. A subscriber just passed along a view of the Hulbert HGNSI showing that plucky gold newsletter writers got way over bullish right around the Ukraine hype period. They and their cheer leading are their own worst enemy.

But here is a view of something that has been going on since August that I think could be very relevant. Silver has been declining vs. gold in search of a retest of last summers lows for the Silver Gold ratio (SGR). This has gone hand in hand with the big, grinding bottoming process in the precious metals stocks sector.

I think this qualifies as a bottom retest.  NFTRH advised to prepare for corrective activity weeks ago.  But this chart advises that said corrective activity could be significantly closer to its end than its beginning.

Also, a rising SGR certainly would not hurt the already speculative momo going on in other markets.  At least if traditional metrics are in play (always a valid question these days).