..none of this is about fundamentals - its all about attitude (sentiment).

...the tendency to invest in the ETF, is a more liquid/paper tradeable alternative to the metal, because of low risk tolerance.  At the end of the day the shares deliver many multiples more when they are operating at a profit, but the risk is much higher, and possibly more so for those listed on the very volatile, venture exchange.  

While the pm spot market is a global phenomina it's sentiment that moves the shares, analysts/media that are in a position to motivate sentiment, and sentiment across the north atlantic that's been low on pm shares since 06, probably because they rose so much into May 06, but also commodities seem to rise in cycles.  Different commodities rise at different times.  So you have to wait on your one coming around for momentum, while at the same time as the company itself might be developing more value. 

Ask yourself why it would be that the commodity laden TSX fell dramatically on Bear Stearns news, (at the same time oil dropped off a little).  Over in the US the main exchanges (directly involved in ) recovered their losses on the day but the TSX didnt apparently, and I'm wondering why, as rising inflation supports commodities.  Has the notion that a credit crunch is deflation, caught the imagination of the crowd?, if so rising inflation around the world will surely grab attention equally as well.  

People often buy into something when it feels most comfortable to buy, and thats often with the crowd, generally when its the worst time to do it, its better to have a more maverick attitude, no pain - no gain, but know what you own.

 Bad news actions alway seem to come out while the sector is out of favour, and companies take advantage of a chance to dish the dirt, when it creates least impact on a rising sector or potential longer term rising share price.