As presented in the silver:gold and SPX performance series below, since the secular equity market high in 2000, the performance of the silver:gold ratio has closely followed the performance trend of the equity markets. It is also very interesting to note that this specific series to date has given excellent sell signals on the equity markets in various timeframes - when the performance of the SPX has exceeded the performance of the silver:gold ratio.
Each series begins from the respective timeframe's secular equity market (SPX) high in 2000.
The (weekly) timeframe has provided the most prescient sell signals since the weekly secular market high in March 2000. The SPX marginally exceeded the ratio at the end of August 2000, twice in October 2007 and directly before the equity market crash in September 2008.
The Australian dollar itself - and not the currency ETF (FXA) - was used to delineate long-term resistance.