Investors looking at haven assets to protect against a risk-off shock should find the yen a cheaper option than gold, according to Goldman Sachs Group Inc. An increase in gold-price volatility has made bullish options on the traditional haven more expensive than yen equivalents, wrote strategists including Alessio Rizzi in a note Monday. “Implied volatility and options-call skew are expensive now for gold and buying calls on the yen appears attractive,” they said. “With gold positioning becoming more stretched, the yen might be a more attractive hedge tactically.” Holdings in bullion-backed exchange-traded funds have ... (full story)