Gold mining stocks haven't been immune to the recent selloff in commodities, with the Market Vectors Gold Miners ETF down almost 25 percent in the past month. However, one expert thinks there could be a buying opportunity in the near future.
"For the next month you have a decent probability of a bounce, especially with the Fed meeting because that's the type of action we've seen after and during Fed meetings with the gold miners," Larry McDonald, head of U.S. macro strategy at Societe Generale, said Monday in an interview with CNBC's "Closing Bell."
In fact, the gold miners have rallied the last four or five times the Federal Reserve has made a statement because when the U.S. central bank is dovish, it's bullish for gold miners, he pointed out.
Fed Chair Janet Yellen is expected to make a statement at the end of the bank's two-day meeting Wednesday.
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Gold mining names are also unloved right now, said McDonald, also a CNBC contributor.
"This is a hurricane 5 in terms of the depth of the capitulation for the gold miners," he noted. "The amount of people that have sold the gold miners in the last week are more than double the amount of shares outstanding."
That happened in June of 2012 and at the end of 2013 into 2014, he pointed out, and since 2012 there have been five or six rallies of 20 to 40 percent.
However, McDonald pointed out that these are bear market rallies that must be sold.