RGLD holds its royalty value as it is linked directly to the gold price, while it's miner bretheren get beaten up due to lack of earnings and general spite when the equity guys decide to put the squeeze on. As long as the gold price stays up, RGLD will hold its own or even outperform. Of course this works against them on the upside too.
one thing about RGLD: it can surprise at the most unlikely times - and that goes both ways. Today's volume is either short covering or something else is brewing that could be pretty positive, at least in the short term. Maybe someone recommended the stock, I have not found any news.