The Simple Reason Why Gold Is Horrible In A Market Crisis
Read more: http://www.businessinsider.com/why-gold-and-silver-are-horrible-in-a-crisis-2011-9#ixzz1Z2wCjsJK
This explains it well.
There still appears to be a overreaction in (profitable)low cost stocks imo as the $AU has fallen almost as much as gold.