Traders Have Been Gripped by Once-in-a-Generation Dash to Safety

BofA gauge shows largest moves in bonds, gold, yen since 1990
Latest milestone is 30-year Treasury yield dipping below 2%

A safety deposit box key rests on a gold bar weighing 12.5 kilograms in the precious metals vault at Pro Aurum KG in Munich, Germany, on Wednesday, July 10, 2019. Gold rose for a third day after the Federal Reserve indicated that it’s preparing to cut interest rates for the first time in a decade as the global economy slows.Photographer: Michaela Handrek-Rehle/Bloomberg

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By Yakob Peterseil

August 15, 2019 at 2:25 PM UTC

This article is for subscribers only.

Based on one metric, markets are in the throes of the biggest flight to safety in decades.

Treasuries, gold and the Japanese yen are clocking “the largest number of outsized rallies” combined since at least 1990, according to Bank of America Corp. The latest milestone in the haven frenzy arrived this week, when the yield on 30-year U.S. Treasuries slipped below 2% for the first time.