“Our indicators tell us, we’re very close to a Lehman-like drawdown,” argues Larry McDonald, a former strategist at Société Générale who now runs The Bear Traps report.

Financial Times, February 20, 2020

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Silver Doesn’t Care About the News Headlines
Since the Fed’s aggressive balance sheet explosion in March, silver is 133% higher vs. gold’s 40% move. Likewise, the Silver’s lower dollar price of $26 an ounce brings in bargain hunters with gold up at $2000 – an all-time high. Silver’s all-time high is north of $50. Of course, the silver bond is a lot smaller – far more risk. Gold may be setting record prices right now, but it’s silver that’s been gaining ground much faster. The shift has pulled the ratio between the two precious metals back down to more normal levels after their relationship got twisted during March’s market upheaval. Back then, it took 124 ounces of silver to buy just 1 ounce of gold; now it takes 78, close to the five-year average. “Even as gold should keep marching toward new records this cycle, silver appears poised to outperform,” Citigroup Inc. analysts including Aakash Doshi, Bloomberg reported.