Why the World Wants Haven Assets (and What They Are)

The coronavirus outbreak has set in motion a massive re-allocation of capital, as investors move money into so-called haven assets — those thought to be safe in a global economic downturn. That’s brought turmoil in stock markets, record low borrowing costs for the U.S. government and higher prices for gold bracelets. It could also be creating new sets of risks. If enough worried investors pile into an asset class to drive its price high enough, and worst-case scenarios don’t come to pass, they