Safe Haven Dailymotion

[Marion Georgi]

Thefierce debate that followed focused on what freedom Italian women have over their bodies and pregnancy, despite existing legislation supporting their autonomy, at least on paper. Many others were simply baffled by the fact that anonymous births and safe haven baby boxes still existed at all in their country.

At that point, hospital staff and social services get in touch with an adoptive family who will stand ready to pick up the baby after a period of 10 days given to the mother to reconsider her choice.

Foundling institutes were children's homes which offered shelter and education to abandoned infants, most of whom were illegitimate. Until about the end of the 20th century, it was shameful for a woman to give birth out of wedlock, and giving away the child was the only, desperate option left to women who wanted to avoid being publicly shunned from society.

Not really. About 300 women give birth anonymously in Italy every year, according to estimates from the Italian Society of Neonatology, while the number of those using safe haven baby boxes is much lower.

According to the latest estimates by the Italian NGO Friends of the Children, roughly 3,000 babies are abandoned in Italy every year, either left out in the streets, dumped in the bin, or even thrown out of windows.

"The media hype around the newborn surrendered to the cradle for life is proof that, in Italy, a woman's right to choose for herself is significantly limited, even when they act within their legal rights and do something that normally should be praised," journalist Jennifer Guerra told Euronews.

"In Ezio Greggio's words, as in the words of the doctors who intervened in the case, it transpires the idea that there's an unbreakable bond between biological mother and child, a bond which is superior to any other circumstance [...]. We don't know the reason why this woman took that decision, even though everyone took for granted that she had financial difficulties."

One of key issue identified by critics is that because it protects the anonymity of the mother, it prevents the child from accessing key medical information which could be lifesaving under certain circumstances.

The recent evolution of the gold price, however, does not appear to be consistent with the safe-haven assumption: after peaking at over $1950/oz in September 2011, the price of gold trended downward, in tandem with risky assets, in Q4 2011.

This apparent shift can be explained by increased financial market tensions, which were very strong in autumn 2011, and the appreciation of the dollar, the currency in which gold is denominated.

An econometric analysis suggests that the gold price behaves differently, depending on the degree of financial stress. In periods of moderate stress, gold is indeed a safe haven, as the return is negatively correlated with stock returns. On the other hand, in periods of extreme stress, stock and gold returns are generally positively correlated, probably because investors are then forced to reduce their positions on gold, a liquid asset, to cover their losses on other asset classes.

The recent decline in the gold price may also be linked to the appreciation of the dollar: gold can act as a hedge against currency exposure for investors holding dollar-denominated assets. The negative correlation between the return on gold and the USD exchange rate is particularly pronounced in periods of very high volatility, when it is close to unity for some currency pairs (dollar-euro and dollar-Swiss franc).

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