Consequently, some argue that the gold miner space looks like a cheap buying opportunity. In July, Morgan Stanley upgraded its outlook on Goldcorp Inc (NYSE: GG), the largest gold miner in the space, pointing to the company’s attractive valuations.

Those with a high conviction of a miner rebound could turn to bullish ETF options as well. For example, the, Direxion Daily Junior Gold Miners Index Bull 3x Shares (NYSEArca: JNUG) and the Direxion Daily Gold Miners Bull 3X Shares (NYSEArca: NUGT) take the 3x or 300% daily performance of a group of large gold miners and junior miners, respectively. Furthermore, the recently launched ProShares Ultra Gold Miners (NYSEArca: GDXX) and ProShares Ultra Junior Miners (NYSEArca: GDJJ) take the 2x or 200% daily performance of large miners and junior miners, respectively. [Gold Miners ETF Field Expands With Double-Leveraged Funds]

However, others warn that the link between gold prices and miners is weakening, citing the increased usage of over-the-counter swaps and ETFs as proxies. Moreover, the enterprise value of gold miners relative to reserves and resources is at an eight-year low.

For more information on gold producers, visit our gold miners category.

Max Chen contributed to this article.