DOW / SILVER RATIO ANALYSIS

Based on the weekly chart, I see the DOW / XAGUSD ratio as rising in the past

year. I see this as meaning the DOW stocks have been valued by market participants

as compared with the valuation of silver. Further, I see the relative strength of

the ratio showing some bearish divergence of late. The DOW stocks are

challenged by the current macroeconomics and federal policies. In the meanwhile,

the gold to silver ratio is at historical highs. Silver industrial consumption is rising

now due to the electric vehicle revolution and the increasing momentum of

the solar power sector was recently enhanced by the suspension of federal tariffs

on solar cell panels. I expect the ratio to top out and reverse in a combination

of a continued bear market for stock equities and a silver bull run.