The way I understand the reason for both gold & silver stocks to be down ,while the price of gold & silver is rising is that the hedge funds have a formula where they can't lose....
They go long with a silver buy option and then take a short option on the stock. If the price goes up, the money they make on the buy option more than covers the cost of the short option. If the price goes down, the money they make on the short more than covers the cost of the buy option.
If the price stays the same, then they lose but they know that the silver price is very volatile, so they generally win.
We just see the net result of the stocks going down while the price goes up....
