Just a guess, but I think gold and silver rise but that doesn't necessarily translate to gold/silver stocks or miners, seems as lowtrade mentioned everything is in the same boat up or down. If gold and silver are bullish then a direct bull/short gold ETF is the best way to go IMO, and not the GDX NUGT/DUST miners ETF.
However, at the time of this post Gold futures are down about .25% and indices futures are up .35%, so I guess it depends. Looks can be deceiving, and who would have expected the SPX to have run from 600 to 3000 in just 11 years.
