With your points in mind, it's interesting that some PM stocks such as AEM are close to 52-week lows.
Yes, there will always be issues that don't participate in the broader directional flow of money. In this case, the weak spokes in the XAU wheel are AEM, SSRI, KGC and PAAS but, with the exception of KGC, were the leaders on the last advancing sequence last year.
The leaders this time around...GOLD, CDE, and RGLD.
Moral? One always needs to do their homework and not complacently throw darts at what looks to be an easy target.