Since hitting a record high of 126 in 2020, the gold/silver ratio has broken down and has remained contained beneath the monthly chart's Ichimoku cloud as it forms a symmetrical triangle. A similar formation appears immediately preceding the 2000 and 2008 recessions, when the ratio broke above the apex of the triangle and through the Ichimoku cloud as traders fled to the safety provided by the yellow metal.
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Still early in the month, but the ratio opened January above the triangle, and the general sell-off in precious metals has been to the benefit of gold (vs. silver). Step 1 is unfolding as forecasted.