Is gold still a ‘safe haven’ for investors? Silver and platinum told a similar story: both started moving more closely in step with the industries they were meant to protect against – the opposite of what one would want from a safe haven. Corn and soybeans showed some genuine (if modest) safe haven qualities, and wheat did too, albeit less consistently. “Soft commodities were not strong safe havens either, but corn and soybeans – and wheat to a lesser extent – showed weak safe haven characteristics,” Prof Huang adds. “However, as with silver and platinum, livestock showed increased positive coherence with sectors during and after the pandemic, reducing its safe haven and hedge potential.”