Hey King man - you'll shoot me for suggesting it but if the markets crash there's a chance that investors will bail out of everything as they did in the last crash. It wouldn't be logical or sensible but gold shares could be ditched along with everything else - even if POG is up.
This link has an interesting discussion.
http://www.24hgold.com/english/news-gold-silver-gold-stocks-in-spx-selloffs.aspx?article=3377682192G10020&redirect=false&contributor=adam+hamilton
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