Gold is a traditional haven for nervous investors in times of international crisis.

Initially, this speculative money found its way into fairly traditional havens.

Gold rose by 1.5pc as investors fled to the traditional safe haven.

The flows into money market funds, a traditional haven for worried investors, have been more dramatic.

And Austria, a traditional haven for refugees in cold war days, has sent 4,000 soldiers to seal its borders.

Even gold, the traditional haven for investors in times of international crisis, showed a decrease.

Conversely, he sees less value in traditional havens like energy and utilities.

The mark, a traditional safe haven for European investors, then strengthened against other currencies, including the dollar.

Investors looking to reduce their risk helped push the yield on the 30-year bond, a traditional haven, briefly below 6 percent.

Even traditional safe havens such as gold have wrong-footed investors.