Florian Siegfried, head of precious metals and mining investments with Zurich-based AgaNola, says there are small signs—fewer equities participating in the recent rally, greater spreads in the high-yield market—that the sentiment toward gold is changing.

Björn Paffrath, Switzerland-based fund adviser and newsletter writer, says there is certainly an elevated risk of a correction in the broad market but the upside in the mining sector is worth looking at as the market turns.