Warp, I can not say with certainty as to why our share priece is so low but as for the PM market you hit the nail on the head as I see it.

ETFs are the main reason for lack of investment in pm stocks and bullion.

I think ETFs are the work of the cartel to divert demand from bullion of which they do not want to part with. To a lesser degree with pm stocks but even the stocks draw attention to the metals if they appreciate in price.

While individual investors may not have the cash to invest in the stock market at this time, funds and other types of financial investors seem to always have it, all they need is conviction of a quick gain.