Naked shorting may be another thing though, as explained in this internet response:
“Naked short selling is a controversial practice where traders sell assets without first borrowing them. This can cause a supply shortage of shorted securities, potentially impacting market prices. Despite being largely banned in the U.S. and the EU following the 2008 financial crisis, the practice persists due to regulatory loopholes, which affect market stability and transparency.”
The only other explanation that makes any sense of the lack of participation in/by the PM shares is that either very deep pockets are using unlimited shorting to depress/short PM shares, or they have access to the money printing press, meaning they have a “free pass” to unlimited shorting. I still prefer Phyz in hand, the store of value for all of history. FWIW from SNG!