Gold and all the precious metals are under pressure. There is a serious slowdown in the Chinese economy - one of the biggest we've seen. Lending back to levels on a monthly basis of 2009. Housing market in complete disarray. They can't float issues on stocks. Their finding people don't want to buy anything. They can't get the consumer to spend their money. It has turned into a sudden nightmare for them.
In the US, the market is doing the Fed's job for it right now with the help of the US Treasury by floating all these instruments. They are driving interest rates higher. When you're down in the futures, you're kicking yields up.