you may be right - cos markets arent pure logic - but its not how it works as far the the leverage - at least logically
either you value on resource/reserve - so its purely EV/ounce - or you value on discounted cashflow and implied $npat increase per $1 silver ounce increase
but i do agree its true that most investors in spec stocks dont initially understand this before a bull has been going a while
so you can get that kind of 'shiny shiny' effect short term.
which is why superior mgt gets ahead of this and nips that kind of incorrect thinking in the bud
otherwise they can tend to be lagging stocks as a general rule
but 1 protection bml holders have against that is the tiny no. of aussie located asx silver stocks
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