Maybe this is your answer: “A Different View Of Silver” by Miguel Perez-Santalla, 5/14/2013
“...There have been times over my 30 years in the precious metals markets that I felt perception was being directed, if not manipulated, by bigger players. One ploy used in the past was to move silver stocks off of the Comex to give the appearance of a supply shortage. Such a shortage would, other things being equal, eventually drive up the price, at which time the big holders could sell into the marketplace. Anyone doing this successfully would make a hefty sum of money. They might counter by saying they still took a risk, just like any other speculator, and as such earned their reward. Because such a plan may have failed and caused them to lose money as well. ...”
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This doesn't seem to explain completely what is going on here. The stock indexes are rising, which means money that might go into PMs is instead going into other parts of the stock indices, probably driven higher by Fed "money". Remember that the fed is a private bank and has been given the authority to print our "money".