While some investors still naively hold on to the belief that the consistently manipulated (by both institutions and central banks) VIX index is a measure of overall turmoil sentiment in the market, others are rushing to the safest of assets and as global tensions escalate and signs of a global recession mount, more investors are turning to gold. According to Bloomberg, investor holdings in bullion-backed exchange-traded funds have expanded for 17 days in a row, the longest run of inflows since the global financial crisis.

Having panned gold for years, Wall Street sentiment has turned decidedly positive in recent months:

"Gold inflows are likely to persist," said Citigroup which expects the price of gold to rally to $1,700 an ounce over the next year. "Markedly weak manufacturing and services ISM data show that the slowdown in global trade is starting to bite the U.S. economy."

"Gold obviously stands to benefit" if China and the U.S. can't reach a mini deal this week, said Adarsh Sinha, co-head of Asia FX and rates strategy at Bank of America Merrill Lynch.