The traditional haven in times of distress? Gold? Maybe not this time. Gold's failure to give distraught investors a safe haven from stock market woes and Switzerland's cooling ardour for the metal mean mines will have to slow the march of bullion bears, analysts believe.

Gold fixed at $311.80 per ounce earlier this week, a 12 1/4-year low prompted by reports of Swiss plans for a phased sale of gold reserves over the next decade. News of the recommended 1,400 tonne sale brought market bears out in force.

One analyst said the news of the Swiss selling 54 per cent of their gold reserves "was a bit like the Pope turning Protestant". The only way prices would rise was for gold mines to close, analysts believe.