What you are saying is interesting but I look at it a bit differently. Gold and silver are inversely correlated to the equity market because so many of the companies rely on those as industrial metals for production of goods; mainly silver. It is If silver was to rise sharply, then it would cut into the profits of these companies (similar to how a sharp rise in gas prices could affect the sale of SUV's). Precious metal prices are manipulated to keep the prices low and also somewhat stable over time. There is a lot going on here aside from the charts.