First of all...
Thanks for the compliment...I'm appreciative.
It might be a little hard to understand where I'm coming from because I use no fundamentals(or indicators) in price discovery. While, I don't disagree with you in the 1998-2022 period(with some discretion towards a 1:1 ratio)...it's just a parameter I don't use in my analysis of prices going forward.
Is there a direct correlation? I'd need more data before I agreed to this statement because I can remember in the early years when silver was trading below production costs. If I recall...2001 would be an example.
I personally put this type of analysis in the Silver:Gold ratio category. Interesting fact, nice to know, but I don't know if it's ever going to help you make Coin.
From my perspective PH...the less facts I know....the more Coin I make.
This has been true for 5 decades, but the last 3...more so.
I'd imagine an interview with me...we'd be twiddling thumbs after 10 minutes.
Straight technician...no fundamentals need apply.
I was taught quite well...to be a machine, not much more.
Doc...you always seem a little grumpy to me.