The specs want to push it up, but the cartel is like a patient parent. Not yet son. Give it time to develop.
Or one could argue that the cartel knows they are under the microscope and are too afraid to establish deeper positions and simply cannot keep up with the specs.
Or have the cartel thrown the doors open on silver, to draw gold specs away from gold. And will they later use it as a weapon to beat down gold, where physical prices are ramping up to spot.