Why hasn't silver & miners done all-time highs?

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ASA Gold and Precious Metals Limited (NYSE:ASA)

NYSE:ASA ASA Gold and Precious Metals Limited

For those wondering why gold was able to breach all-time highs... but miners & silver haven't?

Easy answer, capital flows haven't shifted yet (as defined by gold vs spx).

Note, they have broken out for ppi vs spx, which has always led to a subsequent breakout for gold vs spx.

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