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This chart looks at the S&P 500/Gold Bugs (HUI) ratio over the past 20-years.

The ratio fell for almost 11-years (2000 to 2011), meaning it paid to be long gold miners and short the S&P 500 in a big way during this time frame.

Over the past 4-years, it's paid to be long the S&P and Short miners (2011 to 2015) in a big way, as the ratio has skyrocketed for the past 4 years!

Now the ratio is hitting the 50% level of the 11-year decline from 2000 to 2011.

It is time again to Long the miners and short the S&P 500 as a pair trade again? I will be discussing this and several other key situations in the metals and miners complex that I haven't seen many times in the past 15-years later today.