First let's preface by stating that I have a dislike for gold sector pom pom wavers as evidenced by this post at Biiwii: Huey, Dewey & Louie.

Second, let's ask what kind of sense it makes to hammer gold mining operations because oil is going down.  Gold is exploding higher in relation to the thing that fuels all that heavy equipment at the mines.

Click on picture to enlarge

I guess we are seeing the opposite of what happens when wild eyed inflationists buy gold stocks because oil is going up.  It's just stupid, but it's the way markets work in the short-term with all the noise built in 24/7.