Interesting.. So, there is a ‘false market’ of paper precious metals, not backed by physical metals. Shouldn’t the two be tracked independent of one another? This means the physical value gets short-changed by the stated market value.
Yes. Manipulated by JP Morgan and others. Google "JP Morgan and silver manipulation" and you'll find plenty online about it.
Some believe the manipulation is also done by per Fed Reserve. If the "official" market price for gold and silver is low, depressed by trades of paper rather than physical, it can make the devalued dollar appear stronger than it really is while the Fed Reserve prints more indefinitely (QE4, 5, 6, etc.). As an added "bonus," depressing the price makes it easier for China to buy more of it.
The sad thing is that some individual investors are duped into selling precious metals in their possession based upon the depressed price of a rigged paper market.
As a practical matter, when you start looking for real precious metals to buy, you'll discover the true market price you'll pay to get physical gold/silver. There's a premium for actually owning it versus having a piece of paper saying you own it.