Yes, it has happened during previous equity market crashes. Including the COVID crash, when PMs were sold off HARD in the early stages of the market mayhem
Are conditions the same now that they were then? Nope. During previous crises, the central banks responded by loosening monetary policy and government's released massive stimulus. This si what caused PMs to boom (gold reached highest ever price in the months following the Feds shift to ZIRP.) In the current high-inflationary environment this is no longer a feasible policy response. If the market's crumble, their hands will be tied and PMs will be smashed hard.
SILVER Price - The Coming Gold Standard, page-658
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