In the long run, gold stocks will be impacted by gold price, not by the general markets, so investors better look if gold price has more room to run to 1800-2000$+ or will correct.

Based on $2000 gold price, on average gold stocks should increase 34% in value, this should give us a gdx level of 40

Price NAV P/NAV  current NAV at 2000$ P/NAV 2000$ % change vs current gold price
NEM 49.2 47 1.047 58 0.848 23%
GOLD 20.24 19.27 1.050 23.95 0.845 24%
AEM 50.88 42.6 1.194 60.33 0.843 42%
KGC 5.26 8.55 0.615 12.35 0.426 44%
AUY 4 4.42 0.905 5.88 0.680 33%
BTG 4.18 4.57 0.915 6.15 0.680 35%
KL 33.75 30 1.125 40.28 0.838 34%
average gain 34%