GDX along with rival gold miners funds, have also been stung by weak copper prices because some big-name gold miners also mine copper.

Potential gold mining victims of slumping copper prices include Barrick Gold (NYSE: ABX), Newmont Mining (NYSE: NEM), Buenaventura Mines (NYSE: BVN) and New Gold (NYSE: NGD), according to JPMorgan.

“In the past, as the Fed has taken dovish turns as they did in September, the gold miners were up in a very short period of time,” McDonald said to CNBC. “For the rest of the year, I think credit risk will veto the Fed’s policy path and therefore, gold and the gold miners are going to do very, very well in that environment in 2016.”

Market Vectors Gold Miners ETF