Ya, I did notice...I got out at 27.60...tapering threatening in Sept...silver rose a bit too fast too high...I think we pull back below 26...maybe test 25 before next run up. Maybe lower is there is an over reaction to tapering. Regardless I'm long SLW and silver, I just think this will drop in the short run and you can re-enter at a 10 to 15% discount.
I tend to agree with your analysis but have decided to stay with my long position none the less. SLW has been good to me twice in the last several years with major gains between the 30 and 40 areas. I'm too afraid I may not get a chance to re-enter a new position if I take a profit here. It sounds like you have a core position that you are keeping but trading around it with an additional position?
There certainly is a correlation.
Past 3 weeks AG has risen nicely.
Also, SLW with their Gold contract now will receive royalties from increased AU prices as well.
It also follows other miners, which did well today.
You are correct about the major trends being correlated. It just seems to me that in the past there was close to 100% correlation between the two. Recently there have been some days with significant moves in opposite directions between the two...