Performance of Crude oil futures compared to GDX over 3 years
They were reasonably well correlated for a time.
A look at the Crude Oil - GDX spread (Crude Futures minus GDX) over 3 years;
Could nearing the top of the channel signal an impending low in GDX?
Crude Oil - GDX spread with GDX
Lows along the channel were good points to sell GDX, highs were good points to buy, with the exception of the end of April last year, but that was an obvious period of excess in the precious metals sector.
GLD and GDX performance over 3 years