RE: RE: Butt Naked michans...If history is any guide, probably Door Number 1. (Stocks such as the sisters will fall with the rest of the stock market only to rebound in correlation with the price of the metals.) Certainly SM&E is more vulnerable to a market crash than SG, which I surmise is one reason many of us are overweighting our Sandstorm holdings in favor of SG.
Of course, nobody really knows for certain. There are just too many forces in play to know what will happen to PM prices on a near term basis, even though a general market crash or extended pullback looks virtually inevitable at some point. That's why I think the best LT strategy (at least for non- or infrequent traders) is to hedge your bets: buy both bullion & miners (preferably streamers), keep a sizable amount of cash in reserve to take advantage of opportunities, and be prepared to buy into flash crashes using stink bids. Also, of course, internationalize your assets as much as possible, and be prepared to act quickly if circumstances require.
Basic stuff, of course, but that's the point. Let's not lose sight of the bigger picture. The next few moves are as uncertain as ever, but it looks to me like the End Game is probably as close as we are ever going to get to a "sure thing" in our lifetimes.