Another day, another severe decline in European banks stocks. This has become the norm in Europe ever since the stress test results have shown that a large majority of financial institutions on the continent are either under-capitalized, or flat out insolvent.
And as investors rush to find any type of safe haven asset in the midst of new central bank stimulus threats and negative interest rates, the one place they are turning to en masse is the one asset that protect one's wealth above all others.
Gold prices have bounced back from recent dips and are likely to continue to climb as investors seeking haven from market turmoil in Europe pour money into the precious metal.
James Butterfill, executive director and head of research and investment strategy at ETF Securities, said gold has proven to be resilient since the U.K. voted to leave the European Union in June.
"Since Brexit, we've seen $1.5 billion of inflows into our gold product. Clearly, gold is popular," he said on CNBC's Squawk Box. - CNBC