Analysts’ Views: Is It Time to Look at Gold Miners? As we discussed in Could Investors’ Rotation amid the Sell-Off Benefit Gold Miners? gold miners have started looking inexpensive compared to broader equities. The average ratio of the NYSE Arca Gold Miners Index (GDX) and the S&P 500 Index (SPY) is 0.20 compared to the ten-year average of 0.68. Among the gold mining companies under review (GDX), Agnico Eagle Mines (AEM) and Goldcorp (GG) meet most of these criteria.