In Grip of Coronavirus, Traders Pay Whatever It Takes for Safety
- HSBC, BNY Mellon bet on gold as ETFs are awash with inflows
- Safe-haven assets have rallied to most expensive in years
Medical staff treating patients infected by the COVID-19 coronavirus at a hospital in Wuhan in China's central Hubei province on Feb. 24.
Source: AFP via Getty Images
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The price of safety has rarely looked so high across major asset classes. Confronted with the coronavirus, investors seem more than willing to pay it.
U.S. Treasuries are trading close to their most expensive in history by at least one measure, while gold hit a seven-year high on Monday. The entire German yield curve dropped below zero the same day.