I have been a believer in some form of correlation breakdown between metals and the stock market during a rapid decline. However, it appears SLV and GLD have traded down with the market recently. However, something happened at the end of the day Monday October 17th, 2011. Just after 3:30pm, SLV had a nice rally into close as the SPY sold off to close near the lows of the day.
You can see that silver has continued to trade slightly up as the Hong Kong exchange opened.
As it still seems that metals and the SPY are functions of the USD, until central banks (in the east most likely) start to buy gold / silver on equity sell offs, SLV and SPY will probably continue to trade up and down roughly together.
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