Gold just hit a fresh record—up $50—and silver followed suit with a $3 jump to new highs. Yet precious metals miners? Barely budging. Wednesday's decline already took the wind out of their sails, and today's surge in bullion hasn't changed the picture. It's telling when investors don't seem convinced by a rally this strong. Real belief would show up in mining stocks too. The disconnect suggests there's more room for this move to run before sentiment truly shifts.