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The rush to safe havens #money

The falls on the London stock market this week are reminiscent of the 2008 credit crunch. Fear related to the coronavirus are sending investors rushing to safe havens like gold and even cash. The rush to safe havens appears to be global with gold appreciating against most currencies.

safe havens

Bargains

Many stock market investors will be asking if this is a good time to pick up a few bargains. Bank shares have dropped considerably this week and I suspect they will drop even further in the coming weeks. I’m sure investors will be asking if it is too late to buy into gold too. There is a little panic now but it could get much worse and so now is a good time to invest in safe havens like gold but perhaps a little early to pick up bargains on the stock exchange.

GBP:US$

The pound against the US dollar has fallen in recent weeks from 1.31 to 1.28 so the US dollar is looking like a safe haven to many investors. Brexit negotiations are adding to those concerns.

Safe havens

I haven’t checked the GBP to euro pair but I suspect the euro is seen as safer than the pound right now too. If there is a pandemic then we could easily slip into a recession or worse. The fear then is that inflation will soar and if the pandemic continues for some time we could see soaring unemployment too. It is a good time to save for a rainy day because there are storm clouds on the horizon. The wealthy are moving their investments but there is little the ordinary people can do except increase their savings and hope for the best.

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