Pension Partners said precious metals ETFs, especially gold, have emerged as a massive risk-off trade into non-fiat investments, ETF Trends reports. Global equity markets fell more than $6 trillion in market capitalization. Treasuries ETFs have also performed well in the current slowdown. The trend was different in 2008, when gold fell and longer duration Treasuries shot up after the failure of Lehman Brothers led to the financial crisis.

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