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In its latest analysis, conveyed by Bloomberg, JPMorgan Chase & Co. highlight risks to the traditional safe-havens, like gold and Japanese Yen, due to the easy-money policies of most central banks.

John Normand from the bank said, “Defensive assets are delivering their weakest performance and therefore worst hedge protection of any equity sell-off in at least a decade,” he said. “The wall of cash some hypothesize will inevitably flow into equity, credit and EM may remain very high indefinitely.”

The bank also mentioned, “a portfolio of hedges like the yen versus all currencies, the dollar against emerging-market currencies and gold versus the greenback is still worth holding as these have delivered gains in 60% to 80% of major stock-market downturns.”

Read: Gold Price Analysis: XAU/USD bulls catch a breather below $1,900