When this ratio is falling, the Gold Miners Stocks are stronger relative to the S&P 500. Note how low this ratio was at the end of the last big metals rally in 2011-12 period. You can also see the 2016 metals rally (ratio falling) quite clearly here. If in fact we have double topped in this ratio, then things should be looking UP for the metals. The next thing we should see to confirm would be the GDXJ/GDX ratio start to trend up. (Jr. Gold Miners vs Larger Gold Miners). This typically occurs during metals rallies.