The African Rand is correlated to gold and platinum as Africa is a major producer of these metals. So strength in the African Rand might point to an improving precious metals market.
This correlation is the most visible in silver.
http://stockcharts.com/h-perf/ui?s=%24USDZAR%2C%20%24SILVER
and long term.
This correlation is the most visible in silver.
http://stockcharts.com/h-perf/ui?s=%24USDZAR%2C%20%24SILVER
and long term.
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