http://www.stockhouse.com/Columnists/2010/Jan/9/One-more-nail-in-the-coffin-of-the-gold-bears

Another argument put forth by the gold bears is this: ‘The DOW is about to crash and when that happens, gold shares will fall just as hard’.

What say the charts?

This chart courtesy Stockcharts.com, highlights periods where the HUI index of gold and silver stocks rose faster than the S&P 500 index (top of chart), while the S&P 500 was declining (bottom of chart).

During two of the three periods highlighted here, the HUI outperformed, while the S&P declined, while in 2004 the HUI held its own while the S&P fell.

So much for the argument that gold stocks will fall when the S&P suffers a drop in value.