Gold has had a great run, but it can keep going all the way to $4,000 an ounce—as long stocks and other risk assets like cryptocurrencies continue to sell off, according to market bulls.

Prices for gold hit a record high Thursday after surging nearly 40% in the past year, amid central bank buying and geopolitical uncertainty. Gold prices retreated on Friday, but not dramatically, with the Comex front-month contract declining 0.8% to $3,020. 

The yellow metal could zoom all the way to $4,000 if investors continue to lose their appetite for risk, which would mean ditching assets like stocks and cryptocurrencies, and redirecting that money into gold and Treasury bonds, according to a note Friday from Bloomberg Intelligence Strategist Mick McGlone. 

“The key competitors for gold, at least for the past few years, have been the strong rise in U.S. stocks, the rise in U.S. bond yields, and the rise in digital gold—that is Bitcoin,” he said in a phone interview. 

McGlone isn’t the only market watcher who thinks gold has room to run. In February, Yardeni Research predicted gold could hit $4,000 sometime year. Last week, star bond investor Jeffrey Gundlach also chimed in, throwing out a $4,00o price target on a call with investors.

Both gold and U.S. Treasuries are safe haven assets—a place for investors to stash their money when markets look rocky, as they have since the prospect of a trade war with China, Canada and Mexico spooked investors several weeks ago. 

The S&P 500 has tumbled about 8.1%, since hitting a record high Feb. 19. Bitcoin prices have fallen nearly 13%. At least some of that money may be finding its way into gold, which has gained nearly 3% during the same time frame. 

Flows into and out of exchange-traded funds, often regarded as proxies for Main Street investor sentiment, tell the story even more dramatically.

In the past month, investors have yanked more than $4 billion from Bitcoin ETFs, according to FactSet. It’s a big change from last year, when investors poured in more than $20 billion to what had been some of the hottest products on Wall Street. 

For gold ETFs it was just the opposite. Investors funneled nearly $7 billion into the funds last month. While gold ETFs didn’t necessarily see outflows last year, gold strategists repeatedly puzzled over the fact the funds had struggled to attract investor dollars.

Of course, investors ditching risk-assets are also buying Treasury bonds, the other classic market safe haven. Yields on 10-year Treasury notes have declined to 4.24% from 4.42% in the past month. Bond yields move in the opposite direction to prices, so yields fall when demand for bonds increases. 

While bonds do compete with gold as safe havens for investors, lower Treasury yields could ultimately benefit gold too. Unlike bonds, gold offers investors no cashflows, a big disadvantage. When bond yields decline, gold’s disadvantage doesn’t loom as large, making gold more attractive by comparison. 

McGlone thinks Treasury bond yields will decline sharply, with 10-year yields sinking from around 4% to in the neighborhood of 2%, similar to government bonds in China and Japan. And he predicts that U.S. stocks will continue to struggle—a distinct possibility given the fact the stock market entered 2025 at one of its highest valuations on record and the Trump administration’s controversial trade and diplomatic policies.

“We have a U.S. government that’s shifting the world order since World War II and doing tariffs, and all that is bad for equities, ” he says. “What are the alternatives?”