Most obvious of all is the nearly 50-per-cent rise in European defense stocks since January. Safety trades that have not barked are just as interesting.

It's not hard to find safety trades thriving. Gold is less than 2% from a record close set a month ago, having climbed almost 30% so far this year. The Swiss franc is also up almost 10% this year.

Most obvious of all is the nearly 50% rise in European defence stocks since January. Safety trades that have not barked are just as interesting.

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