We have seen a great rally in the US Dollar , causing EM to take a big hit as a result.
Strengthening USD = bad. There's plenty of cross-border USD debt - 38% of GDP. If you get plenty of USD and earn in domestic you have a real problem. Countries buy precious metals to counter act the . jpy and gold are safe havens for currencies
hence why you see UJ down and gold up
when the US dollar is too strong countries have a hard time paying back the debt