Gold has been on a tear recently, notching several record highs as investors and central banks seek a safe haven amid a business climate full of uncertainty, most recently nearing the $4,000 mark .

As Fortune has reported , Goldman Sachs is still bullish, calling for gold to hit $4,300 an ounce by late 2026, while UBS’ Mark Haefele agrees that gold will remain an essential hedge. Deutsche Bank thinks that the gold rally shows that, deep down, investors are scared.

Bank of America Research isn’t so sanguine, with technical strategist Paul Ciana writing on Monday that investors should beware. “Risk of correction elevated,” he wrote in a market analysis seeking to answer the big question amid yet another government shutdown: “Can anything shutdown the Gold rally?” The answer is yes

See Full Page