The outer part of the balancer is not grounded to the rest of the engine due to the rubber isolator between the hub and the outer ring.
They only way that you can develop a visible spark to jump a gap is to have high voltage (will not happen in any part of our electrical system, it's not a gasser) the only way that this will happen is by static charge buildup. You can develop 1000's of volts in this way and that WILL give you a spark that will jump a gap.
The two issues that I have seen pop up several times is
a) There is part of the rubber on the balancer that has come loose and is hanging out and rubbing on the backside as it spins causing a static buildup.
b) The fan belt is slipping causing the static build up. (Easy way to find out is to remove belt and run for a short bit, since you see the spark every 5 seconds, if no spark you know its the belt)