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When we discuss bull markets and areas of leadership, we usually point to out-performance.We’ve been writing a lot about pp, and today we look at Silver.Two things we love to see: Silver out-performing Gold (sign of risk-on), and precious metals out-performing the stock market (leadership and prospect of a Silver bull market starting).Today’s long-term “monthly” chart looks at the performance ratio of Silver to the S&P 500 Index. Silver bulls want to see this ratio heading higher. And lately it has been.In fact, if we look closer we can see a potential breakout of Silver/S&P 500 ratio taking place this month!The last time this took place from oversold conditions, Silver rallied 16x (from $3 to $50). Is another Silver bull market starting? 
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