What's the "logic"?
My guess is the inflation bugaboo is overrated as evidenced by oil prices dropping. Further, currency exchange rates may have influence on gold/silver beyond inflation. Dropping commodity prices may indicate that we are not in the final throws of cyclical down market but may be in for continued sustainable growth. All those players who sold cyclicals may just have to buy them back. Sweet.
You want logic in the markets? Why start now.
Easy money out of Japan especially, and low interest rates world wide, have spawned bubble after bubble in speculative assets. Stocks cratered 5 years ago and have been sane for the last 3, as earnings have risen to justify recovered prices. Houses were next but have topped. Commodities went parabolic a little less than a year ago and are now crashing. Commercial real estate is still going for the moment, and government bonds remain the most overpriced stuff on the planet.
There has also been massive politically motivate doom mongering out there, with people trading a fine economy like it is the end of the world. It isn't, and markets will adjust and take their money.