My expectation for 2020 is a volatile market for both the US indices and for the gold miners. I think gold miners will actually outperform US stocks to the downside here and then will explode higher once we reach full ZIRP and QE5++. The SPX and other US indices could take a major blow in terms of gold which will drag down gold miners a bit but they won't get killed like in 2008. I think miners are waiting for gold to clear 22000/OZ, then they will soar like you cannot believe. I think we can get 22000/OZ A LOT faster than seems possible.
Gold miners are at historical lows relative to the rest of the US economy. Be snagging shares during this period of correction. I ultimately think XAU could surpass all-time highs or at least surpass 0.2 on this ratio but even if we don't get that and all we get is 0.1, we will still make a killing in gold miners. if we go to .2 or higher we will make a fortune.