Nice chart. Gold has been in the current range for two years. The S&P for 13 years. Where was gold 13 years ago? (Just a thought.)
From what I see, monster boxes of silver are only available with high premiums. Tulving is sold out. Could it be that the paper PM sellers are selling while physical buyers are buying?
With regards to the mining industry, it's not just the gold miners who are getting smacked! Take a look at CLF, MCP, remember PCX? The list goes on as the base metals, rare earth, uranium, coal, potash etc. are facing lower pricing and companies who's managment over extened and miss managed are suffering. That inturn tends to bring down the entire sector.