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Miners outperforming the metals, another sign of a bull market

Silver miners doing better than silver after the ratio formed a head and shoulders bottom
Gold miners outperforming gold indicates a bull market

If you look back to the sharp 2016 move higher in the charts above, you will recall it looks exactly like the rally in gold, silver and miners back then. Miners often outperform in bull markets, which they are doing now so this must be a bull, and underperform (go down more than the metal) in bear markets.

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