ΣL Cycle Summary
This excellent cycle, featured previously on Sigma-L and defining the relationship between the two big precious metals of interest, is superb. Stationary for many years and even more notably so over the last couple of years. We see only a very slight lengthening of the wavelength since 2020 which is, on average, around 260 days - sampled since 2015 below. Currently phased as peaking/peaked, which implies silver should outperform gold by yield over time until around February 2025, the extrapolated time zone for the next trough.