*frenchee, since I been following this, no. But lately the physical stuff has been outperforming the equity stuff, especially this year it has been a leader. Of course this is using the big stocks such as say NEM or CDE vs. $GOLD & $ILVER, if you simply look at the year to date numbers on each you'll see the physical has outperformed the equities.
Of course, before this year, the norm seemed to be the equities would lead the physical... not so any more, not since $ILVER went on a tear, maybe folks sold their equities and allocated into some $ILVER!
I know I did because I knew the ETF was coming! Even was kind enough to tell it to some of the folks I got $ILVER from!