You can pull the valve covers and wiggle the rocker arms. I had a cam with 3 lobes going flat and the oil looked the same as yours. The three rocker arms for those lobes were loose and sloppy. ONE of them was spongy. The lifter under the spongy one was so worn, there was a small hole in the center of the worn lifter face. I'm sure that it wasn't holding enough oil to even open the valve at all. Last year I mentioned on this site that I wiped 2 Comps cams in my Charger and that I decided to put the MP '509 cam back in. I got several responses from guys that strongly advised me to pull the motor apart to douche out all the cam and lifter shavings. I DID end up pulling the motor, but my reasoning was to address an oil burning issue due to poor ring seal. Upon teardown, I found very little debris anywhere. The oil pump did have some bits embedded in the rotors so I replaced it. The oil galleys may have had crud in them that I couldnt see.
Whether your silvery flecks in the oil are from bearing material or cam and lifter carnage, keep us in the loop. Its a bummer to never hear back from people asking advice.