I wonder if Silver Wheaten may end up being the 'Canary in the coal mine' here for Silver. After being an absolute powerhouse for most of the last 2 years, SLW has been deteriorating versus Silver since December, with the ratio chart really starting to unravel and drop over the past week. The loss of momentum is very striking.

I find it surprising given SLW's business model whereby they don't actually mine Silver themselves and thus do not face issues that other equities might run into. SLW should be continuing to leverage Silver's soaring gains as it has consistantly done in the past, but just isn't right now...can't figure out the reason, but it is a red flag to be sure.

Certainly wouldn't dare to get in front of that Silver train yet though...and jumping in long here now is just as scary!