Ratio chart of SLV /SPY. As you can see SLV is flirting with a breakout from a long standing trend line in a tight bull flag pattern. Volume is tracking with heavy moves up and light moves down. We have a rising 50 day ready to make a golden cross. I like SLV to break out and move quickly to the upside over the next few weeks and perhaps even months. Gold made its post pandemic high (its second stab over 2000) in March and typically silver makes its new high within a year. For this analysis the August 2020 pandemic high for gold can be considered an anomaly and not the high from which silver would typically make its new bull market high. Charts on silver miners have perked up. The dollar is still in need of additional correction and I see that lasting weeks as well. If you're long the market SLV looks like it may be a nice way to hedge against an equities downturn. Not trading advice just an observation. Good luck trading!