Gold February 2017 contracts were declining over 2.5% during afternoon trading on Thursday. Furthermore, the precious metal is lower around 14% since the election, one of the laggards not participating in the Trump Rally.

S&P Global equity chief investment officer Erin Gibbs appeared on CNBC Thursday afternoon to provide context on what the decline in gold means for gold miner stocks.

"Gold miners really track the price of gold very closely, even despite looking at how they are getting more efficient or acquiring different mines, they still have a high correlation," Gibbs explained.

Gibbs noted that the price of gold is typically tied to three factors; investor sentiment, the dollar, and interest rates. "Right now, sentiment, interest rates, and everything else is going up; there is no reason to have that insurance with gold," Gibbs contended.