Silver (NYSEARCA: SLV) is an important cog in the precious metals world. Not only is it a core precious metal but it is often a leading indicator for metals bulls.

Silver is a good risk-on / risk-off indicator. When it is out-performing Gold, it is risk-on. When it is under-performing, it is risk-off. It’s been the latter for the better part of the past 8 years.

And when the trend remains down, which historically means that metals rallies will be sold.

The Silver/Gold ratio has fallen to new 25 year lows and is testing long-term support at (1). Will it hold and reverse higher here?

It is still early in the month, but so far so good. It’s possible the Silver/Gold ratio is creating a bullish reversal pattern at support. Metals bulls sure hope so.

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