Depends on what's driving equity prices ... inflationary monetary poilcy, or real earnings growth.
If it's real earnings growth, it's driven by a consumer sector fueled not by consumer debt, but by consumer income -- a sign that our problems are behind us, and green pastures lie ahead. Under those circumstances, a sharp reversal in gold would likely be in the cards.
But if, instead, equity markets are merely flying on the wings of more funny money, well ...
