counter movement

OK - I just don't get this.

Silver spot price has spent all night rising, and is currently up by 44 cents.

CXC, meanwhile, has spent all night falling, and while it is still up 3 cents or so, it was higher at the start of the trading.

The quarterly report was better than expected, so WHY is CXC not tracking the silver price up? When the POS goes down, then CXC goes down. Not the POS is going up, but CXC is going down.

And they say the silver market is not manipulated? Who are "they" trying to kid?