Turmoil in world stock markets and falling oil prices have rattled investors since the start of the year.

Traditionally nervous investors and savers could turn to perceived safe havens such as gold or bonds, but even these assets are now under pressure.

So is it time for investors to look to the safe havens of the future? Here we pit the old against the new.

Danger signs: Investors have often fled from volatile markets to safety assets, but is anywhere really safe?

Where have investors previously sought safe havens?

Gold

Gold is regarded by some as a safe haven in terms of its being a store of value and so a hedge against inflation - which can be of some relief when markets are volatile. But for gold to be a true safe haven, certain conditions have to be met and it's questionable whether its time is now.

Since the start of 2016 the price of gold has risen by 5 per cent, although it is still subdued compared to its all-time high.

Gold is currently trading at near to $1,200 per oz - down from its $1,921 peak high in September 2011.

All that glitters: Gold may have lost its shine as a safe haven in recent years

Rosie Bullard, James Hambro & Partners' portfolio manager, says there are limits to the use of gold as an investment. She explains: 'There tends to be an inverse relationship between the US dollar and the price of gold [priced in dollars] and with the dollar likely to remain strong, this doesn't paint a positive picture for the metal.

'Its lack of yield, lack of industrial use and the significant amount of financial products based around gold makes analysis of its fair value difficult.'

She adds: 'If investors are insistent that they hold gold, they need to think about how they gain the exposure. If they buy an ETF, they should think about whether it is backed by gold holdings or a series of derivatives.

'If they hold the physical metal, they need to think about the cost of storing and insuring it.'

Bonds

Bonds can provide secure income in a portfolio, particularly in the form of government debt. Traditionally they had an inverse correlation with equities, so if shares were falling, bonds would rise.

But eight years of quantitative easing and low interest rates have seen many investors flock to the perceived safety of bonds, driving up the price and pushing down the yield.

This means there is not much further they can go.

Bond bubble: The popularity of bonds means they are now very pricey

Chris Darbyshire, chief investment officer for 7IM Investment Management, says: 'Bonds are moving inversely with equities less and less now. Indeed, bonds from time to time can actually be the cause of market problems – we saw that with the taper tantrum in 2013. So their role in a portfolio is not so much to protect any more.

'They're becoming at best a cash-like instrument in terms of return and not a significant hedge at all.'

He adds: 'If you were going to move into bonds, now would be the worst conceivable time to do it anyway – one's supposed to do this before the market falls. So I wouldn't advocate that at all. These are the times when if as an investor you can stomach the volatility and put your money in the markets you will do very well.

'If you hold equities they may go down but you've a damn good chance they will bounce back, whereas bonds are so high now there is a chance if you're holding a ten-year bond that you could get hit on the capital value tomorrow quite significantly and may end up having to hold onto that bond for the next ten years to get your money back.'

Bank accounts

Money in the bank is protected by the Financial Services Compensation Scheme. If your current account, savings or Isa provider goes bust, as long as they are regulated in the UK, you will be protected up to the value of £75,000.

But banks currently pay paltry rates on savings and your returns could easily be eaten up by inflation.

Buy-to-let

Property investors have set on bumper profits of 11.3 per cent in total returns in the 12 months to the end of November 2015, according to the LSL Buy to Let Index.

But all this could be set to change from April when an extra 3 per cent stamp duty charge per price bracket is introduced on second homes and in 2017 when mortgage interest relief is wound down and capped at the basic rate of tax (20 percent).

These changes are likely to increase the cost of buying and reduce the rental yield landlords can get.

Under the bed

A lack of trust in banks has led many to quip that they feel safer leaving their cash under the mattress.

Mattress money: Stockpiling cash under the bed is not a good strategy

This is the least safe place. There is absolutely no growth potential and if gets lost, stolen or destroyed there is no protection for your money.

The verdict on traditional safe havens:

Findawealthmanager.com's co-founder Lee Goggin, says: 'Popular safe havens could be characterised as the five Bs: banks, bonds, bullion, buy-to-let and beds, the latter popular with those diehards for whom under the mattress is the only place where they feel their money is truly protected.

'But interest rates on bank savings accounts are paltry, bonds are vulnerable to rising central bank rates in the US and UK, the gold price has edged up in 2016 after years in a long-term bear market but few expect its fortunes to change dramatically and buy-to-let is under attack from policymakers.

'As far the mattress option goes, things may look dicey, but we're not yet approaching financial meltdown so I don't think it's quite time to start stockpiling cash under the bed. And don't forget, someone could always steal your mattress.'

The alternatives: Financial advice

An independent financial adviser or wealth manager can help build a portfolio for all types of markets.

A falling market is where their strengths can be highlighted, either in helping change your portfolio or providing the necessary reassurance that you are already protected through diversification.

You will need to pay for this service, either through fees or a percentage of your assets. You could also consider a DIY investing platform that offers guidance or can build a portfolio for you.

Last year, the average return across the wealth management industry, as measured by benchmarking company Asset Risk Consultants, was 1.8 per cent in its 'Steady Growth' index. This compares well against the FTSE 100, which lost almost 5 per cent in 2015.

Goggin, says: 'From our conversations with people seeking a wealth manager, it looks like DIY investors are getting more anxious about so-called safe havens and those with lump sums to invest are more likely to seek professional advice rather than go it alone.

'In the long run, good wealth managers more than justify their fees through performance and the cost of advice is almost certain to be lower than the cost of making investment mistakes.'

Value investing

In volatile markets it can be hard to pick companies that are set for growth. Taking risks with more volatile stocks could boost your returns, but also magnify your losses.

An alternative strategy is to go for brands that are believed to be undervalued by the markets.

There could be companies that have seen their share price hit by market reaction while still holding decent reasons to invest that are being underestimated by investors.

This is known as value investing.

The chart below shows that value stocks in the Russell 1000 Value Index fell 3.8 per cent in 2015, while the growth index rose 5.7 per cent.

Wealth returns: Can growth stocks go much further, or is it time to seek value

Tim Hartch, co-manager of the value-oriented BBH Global Core Select Fund, said he doesn't think investors can get much more return out of high-growth companies, making value stocks a better investment.

He explains: 'After seven consecutive years of near-zero interest rates and rising equity markets, we believe that equity valuations for most large public companies remain high and that valuations are particularly rich for many of the stocks that have led equity markets higher in recent years, such as Amazon, Netflix and Facebook.

'In our view, the high valuations suggest that equity returns over the next seven years will likely be sub-par. We are consciously avoiding many of the most popular, high-growth companies that have recently led equity markets higher since they are likely overvalued.

'Instead, we are buying and adding selectively to a few out-of-favour companies where we still see value, as well as reverting to cash when we cannot find such opportunities. We have confidence in this approach and believe that over the long term, valuation will continue to matter in investing.'

Stockpickers

Active managers should come to the fore during volatile markets.This is their chance to show their skill at picking out companies that can still outperform the market, or at least not lose too much money.

Ripe for return: Volatile markets are a good time for stockpickers to prove their worth

David Urch, lead manager of the TB Garraway UK Equity Market Fund, says: 'Even if the UK market as a whole has a flat or negative year, there will be many companies that buck that trend.

'We look to identify companies with positive operational momentum and prospects for improved profitability not yet fully recognised in consensus forecasts. In our case, we monitor and invest in companies across the UK stockmarket, regardless of size or sector, which we think is a valuable flexibility at a time of sector rotation and lack of market leadership.

'The ability to short individual companies could prove particularly useful this year as earnings come under pressure in a slower growth environment. It is something we can do selectively in our fund and already this year we have short positions in the consumer discretionary and financial sectors.'

His fund has returned 26.43 per cent over the past three years, compared with 20 per cent for the IMA UK All Companies sector.

Crowdfunding

Crowdfunding and peer-to-peer lending have become billion pound markets in recent years.

The idea is to bypass traditional financial institutions and instead lend directly to start-up businesses and individuals to generate a return. The extra risk attached is reflected in the higher returns you can get compared with a bank savings account.

However, there is no Financial Services Compensation Scheme protection if the lending platform collapses and with crowdfunding, as with any form of investing, you won't get your money back if the company you are putting money into fails.

You can use crowdfunding platforms to invest in anything from people to property, but it is important to be aware of the risks of failure and check who you are actually investing with and putting money towards.

The crowd: Crowdfunding and peer-to-peer provides returns higher than savings accounts, for more risk

Karteek Patel, chief executive of P2P lender Crowdstacker, says: 'People are seeking better returns than traditional safe havens offer, but they still want safety, particularly those looking for income in retirement. If they're considering peer-to-peer, we advise them to choose a platform carefully.

'For example, many peer-to-peer platforms offer investors the opportunity to lend to businesses that the platform has never even met. This is clearly risky.

'We carry out an extensive due diligence process before putting an investment opportunity on our platform and while there are always risks in lending to any business, we like to think that as one of only a handful of fully FCA-regulated P2P platforms, we've done more homework on our lending opportunities than most of our competitors.'

Dan Gandesha, chief executive of Property Partner, which crowdfunds stakes in buy-to-let properties, said : 'Property has always been viewed as a safer haven to park your money than the stock market. However, because of the high costs and hassle to buy individual properties, it hasn't been viewed as a realistic or quick option to take your money out of shares and purchase property instead.

'Crowdfunding has provided the key to open that door, allowing people to buy shares in properties rather than having to purchase the whole property. It also enable investors to diversify and purchase shares in multiple properties, thus spreading the risk.'