Dollar, bonds, or gold - which is the safest haven to hold?

Group 1 - The turmoil in the Middle East has led investors to seek safe-haven assets, reigniting the debate over which assets provide true protection during market stress [1] - The U.S. dollar has shown strong performance as a safe haven, with the dollar index rising by 1.5% against six other currencies, even gaining against traditional safe-haven currencies like the Swiss franc and yen [1] - Government bonds have struggled to attract safe-haven flows, with yields on Germany's 10-year Bunds increasing by 14 basis points, as investors focus more on inflation outlook rather than defensive qualities [1] - Gold has maintained its safe-haven credibility, having surged 240% this decade, despite recent volatility; analysts suggest that gold remains under-owned in portfolios, with ETF allocations below the strategic range of 5-10% [1] - The Swiss franc and Japanese yen, traditionally viewed as safe-haven currencies, have weakened by 1.2% and 0.8% respectively, with political uncertainty affecting the outlook for the yen [1] - Defensive stock sectors, such as utilities and consumer staples, have not performed well during recent market stress, with declines of 1% and 2.8% respectively, contrasting with typical behavior during such times [1]