As one can see from below, the top 30 companies have a combined...

As one can see from below, the top 30 companies have a combined MC of US$12.391 Trillion - MS and Apple are alone almost 50% of that total.
When it comes to the S&P 500, the Mag7 dominate the top positions, again Apple and MS alone constitute 13.5% and the Mag7 collectively over 20%.

The S&P 500 is a better expression of the overall market .... whatever ... the point is that the market is concentrated like never before and that gives a false impression as to what's going on in the broader market and the economy. ..... But thanks anyway for the nitpicking.
If the market has the proverbial 2008 redux, then gold will go down as well, especially if big gold hoarding countries currency gets into trouble and their debt and trade deficits become problematic. Once the POG retraces substantially, it will be slow to recover, and how much it will is indeterminable.

A simplistic gold bug narrative about "the inevitable collapse of fiat currencies" etc etc may come to pass in the longer term, but in the short term, a substantial drop in the POG will cause enormous problems in the gold miner space, especially the gold juniors.
Already I hear there are 'windup procedures' happening in a number of entities, and as for raising money for new ventures .... the best of luck.
As the market and the POG weaken, this merger will seem more essential and secure IMHO - it's hard to imagine both shares avoiding being trashed if this merger falls over, especially SLR who don't appear to be on anybodies 'takeover target' list ... whereas RED and GMD can still have a share based M&A no trouble, but will RF and his big backers see it that way - one more and then done ??