While precious metals may initially get taken down if the market sells off hard, this correlation appears to be weakening. We have witnessed several days over the past few months when gold advanced despite a declining S&P 500. While there will always be a knee-jerk reaction from investors to sell everything in a panic, I believe gold and gold stocks will snap back much faster than during previous sell offs. Rushing to cash (dollars) as a safe haven will become less and less prudent and investors will instead begin rushing into hard assets whose value can not be inflated away by irresponsible politicians.
Given how gold's recovered from its spill earlier this morning, he seems to be right.