best explanation, page-2

And considering the manipulation that takes place in the gold market, it is even easier to manipulate gold shares which are well on their way to trading at even lower levels than the depths of 2008 when you take the 100% higher US dollar gold price into account.

All that needs to be done is to persistently short the leaders such as in the HUI to crush investor sentiment. The entire market capitalisation of all gold equities is less than many of the Dow companies.

Apparently investors in the USA, based on the fine print of their standard brokerage agreements, might even be having their own gold shares unknowingly to them borrowed by their brokers for shorting or lending to shorters!!