Some analysts 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.

Still, 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. [Gold Miners ETF Field Expands With Double-Leveraged Funds]

Market Vectors Gold Miners ETF