When the fear trade eases up a bit, silver should outperform gold. The pecking order seems to be gold, silver, large cap PM stocks, small cap producers, finally speculative explorers. The further down the list, the worse the performance during fear trade periods. The converse is also true.

There is a hint the fear trade may already be easing (as least as it relates to PMs). Silver did better than gold today, and the Venture only had minor losses - unlike the rest of the market.