The markets have been tied together since the Fall of '08, and maybe even just before then. If gold goes up, equities go up. When oil goes down, equities go down. The dollar is at an inverse relationship to equities and oil, and sometimes the dollar- gold leads the strongest of the fiat currencie, whichever that may be at any one time. Silver trades with this relationship too. All of the markets are tied together, and they will fall and rise the same.
If there is going to be an announced depression then oil and equities could drop. It would take a change in monetary policy though, because otherwise the dollar is set to fail. Gold will win no matter the case, as was seen last week: even when equities are weak, gold will rise.
The dollar has not followed gold lately though, even with all the market turmoil. The market has not ran to the dollar as a safe haven, and has now shunned Treasuries. Hyperinflation of the dollar is looking more and more likely by the day, and with it, all real assets.
Stage Three of the Steady Inflation scenario is only waiting on one more stimulus, or quantitative easing, whichever it may be. Once the system is juiced again, there really is nothing stopping the wheels from falling off. Confidence is low so people know the game is over. The money knows gold for what it is- a store of wealth. The dominoes have been falling for a long time, and the script is nearly at its climax.
Throw in peak resources and the timeline is becoming. Oil, gold, and platinum have peaked production. Once silver does, it is lights out on the fiat ponzi. That could be a few years out, but the trading channels remain the same. Resources up in price, fiat currencie down.