I suspect that the money is going to the safest possible investment. With China quickly becoming a mess financially, and the Euro crumbling, the 0% 3 month T bills are relatively attractive.
What I find interestng concerning the precious metal markets is the difference between price vs demand. Even thought demand of gold and silver is way up, the pricing does not reflect it. A classic symptom of manipulation on a large scale. The banksters have become so blatant that they do not even try to hide the manipulation anymore.