POG and Dow Jones

Interesting that last night (EST), POG went up a bit but DJI went down.  For a while, there was this synchrony between the two, even though it is puzzling.  Gold should be a hedge against a collapsing equity market.  But I suspect the POG has been the realm of speculators rather than investors.  China apparently is buying lots of gold from Australia.  But are these new speculators or long-term investors?  Inshallah!