1 year daily chart of the Gold Silver ratio with a 20 and 50 day moving average.
This is what many technicians call a divergence which may signal a decline in the ratio going forward (?) When? It may be a little while as Silver needs more speculators to come into the market to push the price back up over the $30 level and then past the $40 level (again).
Hedge funds are most likely waiting for the Silver chart to start producing higher highs and higher lows before they invest capital back into this market.