Forget Gold, Apple (AAPL) is the New Safe Haven

With global markets getting are rocked again today, Apple Inc. (Nasdaq: AAPL) is holding relatively steady. In the past 5 days, SPDR S&P 500 (NYSE: SPY), an ETF that tracks the S&P 500, is down 2 percent. During the same period, the price of AAPL increased 2 percent.

Gold, commonly considered a safe haven, has lost its shine recently and is trading as a risk asset. Compared to the SPDR Gold Shares (NYSE: GLD), an ETF that tracks the spot price of gold, Apple stock has outperformed by over 30 percent year-to-date.

Meanwhile, bonds, while attractive, can't compete in terms of overall return when compared to AAPL.

Do you think Apple is too expensive? Think again. Apple is trading at just 12x this year's EPS estimates. That's below the market multiple although the company grows as much higher rates.

Assuming Greece exits the EU, AAPL is likely to be mostly unaffected. And as for competition, take a look at shares of Dell, RIM, Microsoft and HP today and that should tell you the story. Apple is destroying them.

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