It depends. I think the market participants with the really big money are not sure of where silver is going. Most analysis for SLW shows a silver price average for 2011 at $39.50.
Jim Sinclair made a good point when he talked about how well the gold shares did after the big run up in 1980. A very firm bottom for silver needs to be established before the big money comes into the shares. We just can't expect the shares to trade exactly with the price of silver daily