TABLE 1 — Spot Metals & Relative Value

What it measures:
This table measures the truth layer — how gold and silver themselves are actually moving, without leverage, speculation, or amplification. It captures relative leadership and gold/silver ratio compression or expansion, which signals whether risk appetite inside metals is increasing or retreating.

What it ultimately answers:  Is the move real, and which metal is being chosen as the leader right now?

TABLE 2 — Miner vs Metal Leverage (Convexity & Velocity)

What it measures:
This table measures conviction and urgency by comparing miner performance and volume against their underlying metals. It shows whether capital is pressing the trade aggressively (healthy convexity) or quietly backing away (leverage fracture), often before spot prices react.

What it ultimately answers: Is the market committing capital to the future, or just marking prices higher?

⚠️ Quick interpretation rule 

• > 3× = strong convexity (miners pricing “future upside” hard)

• ~1–2× = normal amplification

• < 1× = warning (miners not confirming spot move)

“Gold will stay high and volatility / policy / liquidity conditions will force capital to stay hedged.”

That’s why miners are being repriced:

• Higher gold price plus

• Higher background risk plus

• Lower confidence in traditional hedges

Gold doesn’t need a crisis — it just needs persistent uncertainty.

TABLE 3 — Cross-Asset Leadership (Capital Flow)

What it measures:
This table measures where risk capital is choosing to express itself across miners, bullion, and equities. The ranking reveals whether markets are in risk-seeking, defensive, or rotational mode, and whether metals are leading or merely confirming broader moves.

What it ultimately answers:

Where is capital going first — and what kind of risk is the market willing to take?

The Cboe Volatility Index® (VIX® Index) is a leading measure of market expectations of near-term volatility conveyed by S&P 500 Index®(SPX) option prices. 

Since its introduction in 1993, the VIX® Index has considered by many to be the world’s premier barometer of investor sentiment and market volatility. 

One-Line Exit Trigger per Asset (Non-Price Based)

• Endeavour Silver (EXK) — Exit when Terronera reaches steady-state production and earnings calls shift from “build/ramp” language to “optimization/returns,” signaling peak operating leverage and rising political visibility.
  
  

• Coeur Mining (CDE) — Exit on first credible capital event risk (large acquisition, equity raise, or debt refi framed as “growth”), indicating management is reallocating upside away from shareholders.
  
  

• Hecla Mining (HL) — Exit when U.S. policymakers explicitly reference domestic silver producers in critical-minerals legislation, hearings, or windfall-profit discussions.
  
  

• Pan American Silver (PAAS) — Exit when institutional flows begin rotating from senior miners into royalties/streamers, evidenced by underperformance despite strong operational results.
  
  

• SIL ETF — Exit when miner dispersion widens (royalties outperform while producers diverge), signaling the ETF is masking risk rather than providing liquidity.
  
  

• OR Royalties (OR) — Exit only when contract sanctity itself is questioned (retroactive royalty renegotiation, sovereign override, or tax regimes targeting royalty holders directly).
  
  

• Wheaton Precious Metals (WPM) — Exit last, and only if governments move from taxing production to taxing contractual cash flows or impose settlement controls on streaming agreements.
  
  

• Cash / Bills / Physical Optionality — Exit only to redeploy after rule clarity returns (capital controls defined, settlement mechanisms stabilized, or new metals regime codified).

Only two fast physical paths exist:

• 1. Bank wire (primary)
     
     

  2. Credit card / PayPal / BitPay (secondary, size-limited)
     
     

• Every physical action funnels through your BANK, not Schwab.
  
  

• Anything involving custodians, PDFs, or “we’ll process it” is too slow for crisis execution.

One-line execution truth

If you can’t complete the transaction path in under 24–48 hours today, it will fail in a crisis.