Fate Of Gold In Market Meltdown?

In a Seeking Alpha article, Peter Cooper notes that gold has held up quite well in comparison to stocks and other commodities. He says further that gold will continue to benefit from its crisis-hedge status. He leaves, though, with this question:

What comes next is the big issue for gold bugs. Will a second major stock market sell-off revisit the lows of March 2009 and the autumn of 2008? If so, will that drag gold down as a part of a general sell-off with everything up for sale to meet margin calls?

In other words, will a panicked scramble for liquidity leave gold reeling like it's '08? He seemingly thinks it will:

One thing that can be fairly certain is that in relative terms gold will outperform most other major asset classes, but whether that will include cash in dollars or short-dated treasuries is perhaps unlikely.

In a sense, his call is an easy one to make. A liquidity squeeze pretty much drives down all asset classes, except for those that directly benefit from the flight to liquidity. There's just one question that comes to mind: if gold is to plummet, from what level?