Relative Strength in Gold vs. The Gold Miners Stirring Again?

One aspect of the SPDR Gold Shares (GLD) vs. Market Vectors Gold Miners ETF (GDX) relationship that stands out now, is the relatively strong performance of the metal in comparison to equity-based Miners.

I am thinking that if this disparity continues, it could be a reflection of a flight to "safety" or to non-paper (equity, bonds, currencies) assets (given the many challenges and threats to markets and investors).

That said, relative performance is one thing, but bullish price action is another.

Spot Gold must climb above $1270 at a minimum, and above its 200-Day EMA at $1284 to get any upside traction.