Over the past couple of years, the ratio of gold bugs to SPY may have formed a reversal pattern (bullish reverse head and shoulders). If the template is correct (unproved at this time). If this happens, it will indicate that miners are stronger than S & P, and this can attract buyers to whip the sector.
![](https://www.elizesolutions.com/wp-content/uploads/2017/03/61f0f52f4763.jpg)