Yah, I get that. I just wondered on June 7th why SLW was north of $21 when silver was still in the low $16s. Weeks before, it had been a little north of $21 even when though silver broke $17. Looks like we've gone the other direction today. Silver is $17.35 as I type this, yet SLW has dropped to $20.19 / sh.
The stock is slightly higher now than a few weeks ago, when silver briefly broke above $17.00. Any theories? Maybe it's just that investors exiting other equities can more easily move to SLW, rather than moving to physical metals.