Net outflows in emerging market equities was expected, but funds in China were the surprise losers.

Issues of U.S.–North Korea relations cause break in longest inflow streaks since 2013.

"How can you with confidence apply risk-on or risk-off thematics when data is pretty beige and Washington a massively eye-popping, head-shaking uncertainty?" asks Informa Chief Macro Strategist David Ader.

One of these peaks will be the peak, but predicting that ahead of time is not easy.

Gold has added 13 percent this year as Trump failed to deliver on campaign promises to ramp up U.S. growth by cutting taxes and boosting infrastructure spending.

Institutional quant hedge funds have addressed the risk issues that caused 2007 losses, but the newer retail products cannot.

If anything, the market’s ability to bounce back is getting stronger.

Events of the past year including make-or-break elections for the euro have washed over financial markets, suggesting policy, not politics, would be the rally’s undoing.

Investors poured $870 million into SPDR Gold in the second quarter, taking the fund’s total assets to $34 billion.

Money managers boosted positions in European shares, citing the risk of policy blunders by major central banks and tensions with North Korea.