As the Ukraine conflict began, Gold rallied and then faltered, while Bitcoin faltered and then rallied. Global markets continue to be unpredictably volatile. Will the real safe haven please stand up?

Following months of speculation, yesterday at 6am Moscow time, Vladimir Putin, the president of Russia gave a chilling speech to announce the start of a “military operation” in Ukraine.

Following months of fraught speculation and troop build-ups, as soon as Putin’s speech ended explosions were heard at major Ukrainian cities, including the capital, Kyiv. The initial attack consisted of cruise missiles, artillery, and airstrikes, hitting military and key infrastructure targets. Russian troops then entered Ukraine from the north, east, and south, targeting the capital, Kyiv, and other cities such as Kharkiv and Kherson.

The attacks had an immediate impact on global markets with the Dow Jones, S&P 500 , and Nasdaq futures falling between two and 2.7 percent before the market opened.

After a bearish start to 2022, with the Omicron surge, rising inflation fears, and the Ukraine situation all weighing heavily on investors, the indices have now hit year-to-date lows as the chart below shows.