If one looks at the POG:POS ratio ($GOLD:$SILVER) for as far back as you can go on Stockcharts (about 3 years), the range of the ratio is from 63 to 45, with an average of about 53. That is, until approx August of 2008, when the ratio rose to about 80, and is now about 75.

For the historical average value to be realised again, the silver price should be about $16, keeping the POG the same. If the silver price stayed the same at $11.30, the POG would be about $600.

Was there a reason for the ratio increase last year?