I wouldn't say all. Many PM stocks, producers, if you trace a line across over 2 yrs are pretty much back where they started ..  they all have their dips and blips, especially a big dips summer 2012, but in 2 yrs they are back where they started..  The HUI mining index is lower over 2 yrs however.

But then companies increased their production over that time span, not lowered it. In mid 2011 when  IPT peaked, it was producing 222k per Q .. but silver was peaking. Even so productiion was growing. EPS was .08 for the first half of yr but silver was very high ..  IPT has followed silver closely regardless. So a bet against IPT at this point looks like a pure bet against silver. not the kind of bet I would like to make at this time.

Last couple days IPT has made some grabbing at the 50 day as the 50 day reaches the SP but no break thru as yet.. I'm not surprised, some may want to protect their shorts and short more at the 50 day. Not the sort of position I would want to be in, trying to keep the price below the 50 day while betting against silver but that's me.