Check that against the post-bubble (1980) history of gold stocks. Not sure about gold itself, but the best time to own the stocks is after the last Fed move down, and before the first Fed move up. Of course, you'd have to know ahead of time that the last Fed move down was in fact the last one, but the point is that for the stocks at least, a rising FF is bearish. Which is not surprising, since all other things being equal, that would correlate with a rising dollar.
There is another piece to it. I DON'T want to own any thing that competes with what China makes or sells. Just imagine owning any company that is trying to compete with goods coming in from China. Why would anyone be so foolish as to even try? In time, just like Japan of the 1950's and 1960's, their product quality will EVENTUALLY go from its current rating of "shoddy crap" to "6 Sigma". Imagine trying to compete with that. Its the same problem U.S. based radio and television makers faced. There are NONE left, now. It would take a Yuan valued at 10 or 15 times today's price for the playing field to be level, and that just isn't going to happen. We cannot compete with wage rates 96% lower than ours. Will it be 2008, 2009, or 2010 when the Chinese auto imports start arriving? Go look in an Autozone. Almost everything there is made in China. It won't be long before the cars start coming in, too. Will they be from JV's or native Chinese companies, I don't know, but it won't make any difference to the American's whose jobs are lost.