There is no correlation to gold price and the price of oil anymore. This is being discounted due to the fact that gold is getting harder to find (Doesn't anyone watch Gold Rush here?) and labor costs are going way up. This squeezes the margins for the mining companies. The trends are all bad for the miners and gold still. THe trend is not our friend here and a day here and there of small gains means nada.
It's now at 14.3 (1313/91.77). Unbelievable that GDX is getting pummeled here. With government shutdown + Fed printing money, one would think it's a strong buy, but the reality is different. Well, it's going to turn when you least expect it and as the old saying goes: patience is virtue.