A couple things to keep in mind when trading precious metals:
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 inflation. jpy and gold are safe havens for currencies hence why you see UJ down and gold up also central bank intervention when the US dollar is too strong countries have a hard time paying back the debt