In what has become a rite of spring for us – we emerge from the torrent well fed and docile. After feeding in the stream as precious metals bears for the better part of the year – we may even want to be their friends this time. Although still looking for traction to take hold in the miners, the GDX:GLD ratio comparative we have highlighted since January appears to be tracing out a low with the divergent momentum characteristics we had expected. All things considered – we’ll let you know if nature gets the best of us and we decide to eat our new companions. Until then – consider us golden.