The silver/SP ratio fell 99% from 1980 to 2000; in 2026 it surged to the same resistance level again and then failed, with price returning to the 4-year EMA line and reclaiming the key watershed points of 1972 and 2002. This feels more like a rotation starting point rather than the midgame. There is only one confirmation signal: a breakout of that red line—before that, silver was merely knocking.