Silver still looks relatively cheap despite the historic rally: The gold-to-silver ratio is now above 80 points on an annual basis, near the highest level since the 1980s. This is ~2.58 standard deviations above its long-term historical mean, according to Crescat Capital. This ratio has been above this threshold for ~5 years since 2020. By comparison, during the 1930s and the 1980s, it was 3 and 2 years, respectively. To put it simply, silver remains historically cheap relative to gold. History suggests silver may soon catch up to gold.(The Kobeissi Letter)