It is impossible to argue that US credit markets are so deeply exposed to US equity markets as @Fudley61 thinks.
I think that it is possible for the US stock market to pull back as much as 10%. This will cause some hair wrenching and de-risking in various markets, but I don't think that it is likely to precipitate a credit crisis like 2008. US banks are carrying significantly more regulatory capital this time around, and they are not over exposed to equities.
The nervousness of some fearing a repeat of 2008 may give the price of gold a fillip in the short term. I don't expect much of this, but I am sure that bullion holders will enjoy it none-the-less.
