Uncertainty over growth, currency values and politics: What safe-haven assets remain?
The world today is characterised by major uncertainty over growth and the value of currencies (due to the highly expansionary monetary policies), as well as major political uncertainty (outcome of the US elections in 2020 and the German elections , normally in 2021) and geopolitical uncertainty (situation in the Middle East, etc.). So what safe-haven assets remain? Probably no longer the dollar (due to the political uncertainty in the United States); the yen oddly plays this role, even though Japan’s monetary policy is the most expansionary of all ; gold is a serious candidate, but not cryptocurrencies; real estate is also a serious candidate, unless the uncertainty over growth dominates.