They can hold down the price for a long time and IMO that's what's happening here and many others. Last year GG and SLW weremarkets darlings and this year they're being treated like dogs. When MM decide to move these stocks again they will fly and catchup to PMs but that might occur later in the year or next year - who knows. At present SLW is in the dog house and retail invester can do nothing but accumulate or trade, but even trading this stock is hard especially when the broker doesn't have any shares to short, so for now just sit back and accumulate the warrants as there is very small premium at present. I'm loaded up with warrants and will wait until the dog moves even if it will take another year.
One must also remember stocks and bullion are two different beasts and in case of uncertainty PMs might rally as paper including PM stocks can be sold off initially. Best I can say is be out of debt and gamble by buying slw warrants or if you want to invest or hedge buy physical bullion.