Yes, i think you've got it there, Gord! I doesn't make sense, does it?
In terms of its absurdity, i liken it to a Monty Python Cheeseshop kind of market:
The shop defintely has EVERY kind of cheese that you want .... EXCEPT for whichever one you try to actually buy.
Seriously tho, i think this state of apparent contradiction can only last so long til it gets righted again ... the higher prices received per ounce sold by the miners has got to show up on the bottom line soon til it reaches the point that it can't be disregarded anymore. Maybe we just have to wait out a bit more of a time delay than we think reasonable?
Regards