Junior precious-metals miners versus gold and silver, as measured by the notorious GDXJ/GLD and SILJ/SLV ratios. A couple of interesting things stand out over the last few years. First, the two ratios bottomed at different times. GDXJ/GLD established its major low in early 2024, then revisited that area around early 2025. SILJ/SLV bottomed around early 2025. Different paths, but both eventually started recovering from years of relative underperformance.😊 The divergence became especially dramatic during the white metal's furious climb in 2025, when silver overshadowed practically everything and everyone, including its own miners, which were left in the dust despite silver's extraordinary gain. The collapse in SILJ/SLV, highlighted by the yellow rectangle, tells the story better than words can.😌 Since then, both ratios have recovered from their 2026 lows, even in the face of the sell-off in miners and metals and the ongoing troubles and volatility following the mythological January top.😙 They're still well below their recent highs, but the fact that both are steadily working their way up the ladder is very constructive, especially given the sector's relative weakness so far YTD.😀 These ratios don't tell us that miners are cheap or that the correction is over. They tell us how miners are performing against bullion and, for now, I like what I'm seeing. Latecomers may still find it hard to avoid getting bucked hard by the bull. Veterans who entered their long-term positions in miners 2, 3, 5 or 10 years ago definitely have an easier time of it now. A minimum, well-deserved perk after enduring years of harassment and psychological warfare before the glorious 2024/2025 upleg and the wild 2026 correction.🤠