Safe-haven assets such as U.S. Treasuries and gold have rallied while risky assets like stocks and emerging market currencies have lost steam, as jitters surrounding the coronavirus outbreak ripple through markets and fears of a global pandemic grow.
“In the last two weeks, there’s been safe-haven buying of U.S. Treasuries significant enough to drive down yields 20 basis points,” said David McAlvany, CEO of the McAlvany Financial Cos. “That is telling you something about people having an underlying concern.”
