In the short term, the major players are liquidating all their positions (including their gold) just to buy dollars.
In the long term this will reverse.
The entire market - stocks and precious metals - is basically stagnant, reflecting the world economy. The changes you see are predominantly a reflection in the strength of the dollar. When it gets stronger, you need fewer dollars to purchase either precious metals or stocks. When it gets weaker, you need more.
Most of what you see on the day-to-day balance is a reflection of the rise or fall of the dollar, not an inherent strength of any given item.