Even as the gold miners ETF hits a three-year high on Thursday, two traders would still bet on the product due to ultra-low interest rates.
"I do think there's more to come" for the gold miners, said Brian Kelly of Brian Kelly Capital.
Investors are putting their money in gold these days, Kelly said Wednesday on CNBC's "Power Lunch," because of negative interest rates around the world.
When interest rates are high, gold looks worse in comparison, since the metal doesn't yield anything. But when rates are negative, a nonyielding asset actually looks like a more reasonable investment.
"The low- to negative interest rates that we're seeing right now are driving precious metals higher," agreed Dennis Davitt of Harvest Volatility Management, Wednesday on "Power Lunch."
Kelly and Davitt see these gains ahead for gold miners despite worldwide struggles in the metals and mining industry.
"Roughly 10% of global gold mines … are running at a loss," according to a recent Deloitte report on issues facing the industry this year.
So far this year, the GDX has risen about 130 percent. On Thursday morning, the ETF rose to the highest level since April.