Silver nearly touched $50/oz, and has since fallen all the way back under $40. In a blink up and back. Silver miners did not really participate in that last leg up for silver. In fact, they consolidated while silver rallied that last $10 or so, and have now fallen even more. The ratio of silver miners as measured in silver is well below its recent 50 day moving average. Below is a 2 year chart of SIL divided by SLV.
I am going to play this by buying some SLW which is at the very bottom of a rising channel. It behaved very well today in a deeply red market in which silver itself was also very red. As a pairs trade, you could go long SLW and short silver via ZSL (though with Silver at its 50 EMA, I’m not interested in the pair right now).