Gold is ripping higher (GLD)

There goes gold. 

On Monday gold prices were surging, rallying more than 2.5% to nearly $1,200 an ounce – the highest level since October for the yellow metal. 

Gold prices are up about 10% this year already as it's been a terrible year for stocks and other risk assets, with gold — typically viewed as a "safe haven" trade — serving as a beneficiary of this chaos. 

On Monday stocks in the US were getting smoked with the Dow off more than 300 points and the Nasdaq down more than 2.4% as tech stocks continue to get hammered. 

FinViz

NOW WATCH: Research reveals why men cheat — and it's not what you think