Many market observers have been puzzled by the recent weakness in gold ETFs despite the latest outbreak in Europe’s debt crisis.

Gold has been moving lower with stocks in May while the U.S. dollar and Treasury bonds have strengthened amid speculation Greece will leave the euro.

However, Thursday’s action was notable because gold rallied with Treasuries, while U.S. stocks sold off.

The negative correlation between SPDR Gold Shares (NYSEArca: GLD) and iShares Barclays 20+ Year Treasury (NYSEArca: TLT) changed Thursday as both ETFs surged, according to StockCharts. [Gold ETFs Testing December Low]

“Gold may regaining its safe haven status,” it said.

Beaten-down gold miner ETFs also rebounded Thursday with Market Vectors Gold Miners (NYSEArca: GDX) and Market Vectors Junior Gold Miners (NYSEArca: GDXJ) up more than 4%.

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