Interesting. I was just talking about this with someone this morning. I don't think it's Au/Ag price dependent. It's a mentality that pervades the vast, vast majority of the investment community-- precious metals as an asset class are too risky/volatile for my clients to enter. Perhaps it is due to the high beta of the miners. If I were in the business I could see getting a call from a client on a Monday that their account is up $50K and they are thrilled and then the next day getting a call complaining that they are down $30K (or more) for the day. I'm 100% in miners and bullion and I tell very few people that because I don't want to hear about how I need to diversify and I carry too much risk. What else would I invest in (energy, agriculture-- that's it)?