"Here Homer with his nervous arms
Strikes the twanging harp of war,
And even the western splendour warms,
While the trumpets sound afar:
But, what creates the most intense surprise,
His soul looks out through renovated eyes."

John Keats, Ode to Apollo

There is an obvious safe haven trade in precious metals, notably gold, and US Treasuries this morning as the accumulation of political and geopolitical risks have finally penetrated the consciousness of the denizens of the markets.

The stock indices I track have not yet violated any major trendlines to the downside.   I am watching this carefully.

I have a largish short position on stocks and long gold in my trading account.  But so far this looks like just a trade and not yet a trend.  And so I have peeled that short back a bit this morning and taken the profit.

Note the subdued variance to NAV exhibited by these funds and trusts below.