Here's Why Here's Why the Iran War Is Prompting a Safe Haven Rethink
Mar 20, 2026
Joe Weisenthal, Bloomberg journalist and Odd Lots host known for market and macro commentary. He breaks down what makes an asset a safe haven. He explains why treasuries act like paid safes and why gold has not surged as expected. He also discusses how tariffs and geopolitics reshaped investor demand and the dollar’s role.
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What Qualifies As A Safe Haven
- Safe havens are assets that are uncorrelated with growth and retain value when risk assets fall.
- Joe Weisenthal explains gold, US Treasuries, and the dollar fit this role because they pay or hold value regardless of the business cycle.
Safe Haven Behavior Changes With Context
- Safe-haven behavior changes with context: tariffs weakened the dollar while a war strengthened it.
- Weisenthal contrasts 2025 tariffs (investors sold dollars) with the Iran war (investors seek dollar safety).
Match Safe Haven To The Type Of Shock
- Evaluate safe havens by the current shock type rather than historical patterns.
- In geopolitical wars, favor liquidity and guaranteed payment assets like the dollar and treasuries over assets tied to trade or physical mobility.