“We are just three days into the year and already global event risk is dominating the financial market landscape everywhere,” David Rosenberg, chief economist and strategist at Gluskin Sheff, said in a research note, according to USA Today.

Meanwhile, UBS analysts argue that 2016 could be the year that gold and gold miners turnaround, reports Julie Verhage for Bloomberg.

“Gold has been trading in a cyclical bear market since 2011,” UBS analysts Michael Riesner and Marc Müller said in a note. “In 2016, we expect gold and gold mines moving into an eight-year cycle bottom as the basis for the next multi-year bull market. Initially, we see gold profiting as a safe haven and as of 2017, gold could profit from the U.S. dollar moving in a major top and starting a bear market.”

Sprott Gold Miners ETF

Max Chen contributed to this article.