For sure when considering today's lows. The long term the trade also holds up. The cost of producing Gold is slowing down if not peeked. 620$ an oz seems to be the high for producing Gold.
Overall, we are moving to a 2k an oz level for Gold. If production prices have peaked miners are now the play over that of the metal itself. You need to realize it has been the cost of production that has kept miners down compared to Gold. I recommend looking at what CAT recently said about the cost of mining raw materials.