SLV and dollar correlated?

As news that the Fed will be injecting hundreds of billions more dollars into the repo market, one has to expect that an increase of the money supply surely needs to affect the price of precious metals. But looking at a comparison of SLV and the dollar show that overall, Silver and the dollar appear to be very correlated. From time to time, I look at the numbers at
Looking in the far right column, we can see that the dollar to silver ratio is $1,053 an ounce. Yet silver languishes at prices far below this. One reason is the paper to silver ratio of 201.96. Not sure that the prices of precious metals will ever reflect their true value, that is, until the fiat currency system resets or collapses. But this prospect is a key reason why buying the actual physical products make sense. Where else can a worthless piece of paper buy so much value?


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