I like to remind myself every now and then why the analogy has worked so well between silver and the Nasdaq market - circa 2000 and now 2001. It's not just the charts that have great similarities - it's the overarching psychology of the boom and bust cycle and the ratio contrasts to their larger sibling (gold & SPX) markets that has provided a long-term roadmap with considerable correlations. And while the charts certainly represent that emotionality in characteristics such as the parabolic tops, you can find other sentiment and behavioral comparatives in the charts.

Unfortunately, they were sadly mistaken.
To date, silver has corrected and retraced its losses along very similar pivots to the Nasdaq as expressed in the respective ratio charts.
Should the analog continue to prove prescient, February will usher in a return to normalcy, whereas silver strongly underperforms gold. Considering where the equities markets now stand and what this ratio typically implies towards the overall risk appetites for traders, the ephemeral highs now being felt by the impressions and speculation of further easing, will likely give way to another deflationary tide.
As always, stay frosty.