Ann: Financiers Undertake Sorby Hills Site Visit, page-146

BML's correlation with SILJ (and Ag generally) started to break down in Feb when the POS rally lost steam. Probably a lot of retail silverbugs exited the register at that point. Our SP has been in steady decline every since (punctuated by the failed silver squeeze spike in Feb and fleeting buying spurt in June - both of which quickly faded)

Since then, BML hasn't really participated in any silver rallies (e.g., in the April-June rally we went backwards, and in the nascent rally of the last two-weeks, we're totally flat)

I suspect in the early stages of an emerging silver rally, the smart money flows into stocks with greater leverage to silver (e.g. SVL, ARD, IVR etc). Once those reach something resembling full value, we may see interest return to BML. That could take a number of months and obviously depends on macro conditions remaining favourable

The other thing to consider (elephant in the room) is the financing risk. People here may choose to ignore or downplay it, but there's a perception among other market participants that equity dilution may be on the cards. So I think this is keeping money out of BML too.

Basically, if you're interested in gaining exposure to a rising silver price, particularly during this current period, it makes sense to diversify into some of these other plays. Look around, just about everyone's making money on PMs at the moment. Get yourself some of that.