This week it started when China further devalued the Yuan, with the exchange rate to dollars dropping below 7.
US markets were down. The S&P was down just shy of 3%, and the NASDAQ down nearly 3.5%. Gold was up into the $1,460s.
Gold is up 14.7% on the year, outperforming the S&P 500, which is up 13.45% as well as the Dow Jones, up 10.17% on the year.
After hours the United States has labeled China a “currency manipulator”, driving gold up even more to over $1,470.
The Toronto Stock Exchange was closed today for Civic Holiday, which could result in some turmoil when it reopens Tuesday.