Mining stocks don't always march in lockstep with the price of gold. Among other things, the shares can be affected by money flowing into and out of the overall equity market, as well as changes in company or sector operating fundamentals and investor outlooks.

That said, the shares and the precious metal do tend to loosely track one another; historically, at least, the relationship between the two tends not to move too far out of line. When it happens, however, it can signal a short-term trading opportunity.

Over the past few weeks, mining shares have come under considerable pressure in relation to the metal. In fact, the ratio of the Philadelphia Stock Exchange Gold and Silver Index (XAU) to spot gold has fallen to a level that has, in recent years at least, been a staging point for a relative rebound in the shares.

While it is possible that continuing turbulence in equity markets could produce a different result this time around, the pattern of the past five years suggests it is a good time to go long the shares and sell (or sell-short) the metal.

One way to play it using exchange-traded funds: buy the Market Vectors Gold Miners ETF (AMEX: GDX) and sell the streetTRACKS Gold Trust ETF (AMEX: GLD).

Michael Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes and The New Laws of the Stock Market Jungle.