“… both the gold equities and the silver equities hugely outperformed the moves in the metals themselves when the complex was rising, while only moderately underperforming the metals themselves when the sector was falling. In other words, the cost of leverage in the miners to the upside was not matched with the same leverage to the downside…. If one is bullish on the precious metals and sees 2016 as the beginning of a more complex and lengthy advance that is to come over the years ahead, we have strong data supporting an overweighting toward silver and silver mining equities…”