Safe haven refuges like utilities and gold are often bought when the (over valued) stock market falters. Another safe haven refuge is the Japanese YEN, so if the YEN is rising during times of stress gold probably will too. The YEN might be rolling over, but we can’t be sure about that yet.

$XJY – Daily

For the last couple of years the Chinese YUAN was tracking gold too, or at least it had a close correlation. Maybe not anymore though. Zero Hedge reported yesterday that Kyle Bass closed his short position on the YUAN after waiting 4 years. Bad timing?

CBY – Chinese Yuan Strategy Fund ETF