The original version of this article first appeared in The Business Times. ‍ Geopolitical events seem unprecedented because they are largely unpredictable, and the factors that trigger them rarely happen in the same way twice.  What is consistent is that these tensions and uncertainties always prompt plentiful bets on which investments are “safe”, and which are not.  Traditionally, the US 10-year treasury, the US dollar, and selective commodities such as gold and oil, have been considered safe-haven assets. Gold, in particular, has a reputation as a store of value. In times of geopolitical instability, when the value of paper currency and other financial instruments can be volatile, gold’s intrinsic value is perceived to be more stable. This batch includes currencies such as the Japanese yen against the US dollar, and the Swiss Franc against the Euro.  However, in a research by Goldman Sachs that looked at 12 historical geopolitical events...