Safe Havens in a Risk-On World: Gold, Yen, Treasuries, and the Search for Market Safety

In this episode of the Trading Global Macro Podcast, Matt Weller and John Kicklighter examine what makes an asset a “safe haven,” why the catalyst for market stress matters, and how different assets may respond as risk aversion intensifies.

The discussion covers the spectrum of safe-haven behavior, from blue-chip stocks versus high-growth tech names, to the traditional stock-bond allocation shift, to gold’s evolving role, the Japanese yen and carry-trade unwinds, and why U.S. Treasuries remain a key benchmark for extreme risk aversion.

Key topics include:

🔷How risk sentiment shapes capital flows
🔷Why safe havens are relative to the risk investors are trying to avoid
🔷Growth scares versus inflation scares
🔷Gold’s dual role as a speculative asset and long-term store of value
🔷The Japanese yen’s historical role in carry-trade unwinds
🔷Why U.S. Treasuries remain central to the concept of a “risk-free” asset

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Видео Safe Havens in a Risk-On World: Gold, Yen, Treasuries, and the Search for Market Safety канала StoneX