I believe that we are herded not so much from PM stocks as from actual bullion into ETFs.
Bullion, especially silver is in too short a supply and it is to their benefit to divert as many buyers into the electronic equivalent of paper which can be supplied in limitless amounts ( I don't buy into the bullion back up, it is mostly mirrors).
Hence relieving the pressure on the real thing.

I suspect that ETFs are going to be to stocks what worthless paper, in the form of derivatives, is to the financial community.