This is something I look at in terms of health (outlook) for PM mining stocks (see GDX and GDXJ etfs)
Mining stocks have been battered in recent times but just when everyone gives up on them is probably a decent contrarian time to start looking for higher prices
the ratio of small miners/big miners looks like it is about to break out a little higher which generally is a positive signal for the sector as a whole (risk on for the sector)
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The small/big miner ratio has moved higher confirming the move up in precious metals and mining stocks in general. There is no reason to second guess this trend currently.