This chart looks at the S&P 500/HUI ratio over the past 20 years.
The ratio fell for almost 11 years (2000 to 2011), meaning it paid to be long gold miners and short the S&P 500 in a big way during that time frame.
Over the past 4 years, it has paid to be long the S&P and short miners (2011 to 2015) in a big way, as the ratio has skyrocketed for the past 4 years.
Now the ratio is hitting the 50% level of the 11-year decline from 2000 to 2011.
So, is it time again to long the miners and short the S&P 500 as a pair trade again?