Chris S., look at my chart of the ’87 crash, above; gold sallied on just fine while the S&P and gold mining stocks tanked.
If you think that the market is due for a correction (I do); if you understand that gold mining stocks sometimes take a hit in market corrections (yes in ’87, no in 9/11/01); if you see that we are in highly uncertain times — Iran bringing more centrifuges online faster than expected, Saudi Arabia oil production unexpectedly declining; if you understand that gold is the place to be in uncertain times (see the Dec. ’79-Jan. ’80 spike to $875 as a result of the Iranian hostage taking and Soviet invasion of Afghanistan); it makes sense to be in gold (ETF or bullion) until the broad market corrects, then get back into gold mining stocks/mutual funds, which will amplify the nice appreciation that gold will continue to see (until the Fed takes a harsh stand against inflation, which it cannot do given the $12T in mortgage debt outstanding).