Although there is no real reason for a spread-better to look for a safe-haven trade, not all investors have this luxury. With this knowledge, safe-haven trades provide good trading opportunities.

The first market to turn to when the equity markets are crumbling is gold. However, with gold already very close to its all-time high and extremely volatile, the risk-reward ratio seems quite unfavourable. Silver, on the other hand, still looks a very attractive price, trading around the $14 mark. The first target is a move to $16.50 and then it should meet strong resistance around $18.

Moving away from the metals, the dollar has been the big safe-haven currency amid the turmoil, even against the yen in recent weeks. On Monday Japan reported a fall of 12.7% in GDP (annualised), a figure not seen in 35 years. This economic weakness somewhat diminishes the yen's safe-haven qualities, leaving room for dollar/yen to strengthen. The behaviour of Japan's finance minister at the G7 meeting personified the state of Japan's ailing economy.

Finally you can't talk about safe havens without looking at government bonds. If a "sell the rally" strategy is best followed for the equity markets, then the opposite is true for the bond markets. In particular the German Bund and Bobl look very strong as the eurozone's economic woes continue.