Will gold's rally redeem the gold miners?

Gold is making a comeback, and the companies that mine the metal could also be regaining their shine.

The Market Vectors Gold Miners ETF (GDX), has soared 9 percent this week, bolstered by a rise in gold prices. And one trader says a delay in raising interest rates could send both gold and gold miner stocks even higher.

"We've had such a negative wave of sentiment, and gold did finally find a bounce." Boris Schlossberg, managing director at BK Asset Management said Thursday on CNBC's "Power Lunch."I think a lot of it is going to be driven by a September hike being delayed."

Some traders interpreted Federal Reserve meeting minutes released Wednesday as diminishing the odds of a September rate hike, sending bond yields and the U.S. dollar lower.

Meanwhile, gold futures fell to five-year lows in July, but have bounced back 6 percent since then, to hit a one-month high on Thursday. Gold tends to move inversely to both the dollar and Treasury yields.

Read MoreCME traders cut September Fed rate hike chance to 24 percent

If investors believe the Fed will push rate hikes out to 2016, Schlossberg said this could mean an even longer rally for GDX.

"All that could create a bed of buying for gold, and just by that, a bed of buying for gold miners, regardless of the fundamentals beneath them. It's just all going to be sentiment driven," he said.

However, Erin Gibbs of S&P Capital IQ said it's not time to buy mining stocks just yet. She said investors are underestimating what gold miners are paying for debt, as well as the impact of a potential rate hike.

"These companies have been so poorly managed recently, frequently misusing the upside swings in gold," she said. "As gold's going down, they probably actually should be traded at a discount instead of a premium to their net asset value."

Despite this week's rally, GDX is still down almost 14 percent for the year. Gold is down more than 2 percent year to date.

Read MoreThese 3 stocks could rise even while the S&P falls

Larry McDonald, managing director at Societe Generale, has previously made the call to buy gold miner stocks while the commodity was tumbling down.

But now that GDX has bounced, McDonald said it might be time to reevaluate.

"It makes sense to sell some here," McDonald said, but recommended holding on to two-thirds of gold miner stock holdings.

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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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