As it stands now though, let's give credit where credit is due, and not let our favorite macroeconomic dogma blind us to what's been going on -- essentially since the double-tap commodities crashes of May and September 2011. Interest rates are low and the stock market is high - and not only in worthless fiat, but in terms of commodities. On a daily closing basis, the CRB Index hasn't been so cheap in terms of S&P500 shares since 2001!
On a high-low basis, there's an inch of slack:
What about the ratio with the $CCI index, which is basically the $CRB without the oil? It just closed today at its lowest point since January 2008.
Meanwhile, the $SPX ratio with oil has been remarkably flat... discuss among yourselves.
While I too get a kick out of the Brother JohnF silverbugs who think silver is the Most Important Thing In The World, I've found ratios of various asset classes with silver to have an uncanny regularity and therefore predictive value to them. It's not merely some kind of chartist's bias, I don't think. Anyway, I sense big trouble for the PMs if silver falls below the horizontal line here.