As investors grow increasingly concerned about the deepening US financial crisis and the possibility of a global recession in the near future, the price of gold has been cruising to record highs this week.

In a Bloomberg report on Friday, JPMorgan strategists said a consensus is building in recent months among investors around the so-called “long duration” trade, where an investor is overweight on gold and growth stocks.

In a note seen by Bloomberg, the strategists wrote, “The US banking crisis has increased the demand for gold as a proxy for lower real rates as well as a hedge against a ‘catastrophic scenario.’”

The strategists made the case that trades such as that appear “really attractive,” with “limited downside in a mild US recession scenario, but plenty of upside in a deeper recession.”

According to the report, while institutional investors have turned to gold, retail investors have moved toward Bitcoin, as the share of tech in global stocks has increased sharply over the year.

Meanwhile, the announcement this week from regional US bank PacWest that it has been looking into a sale, has triggered worries it may be the next US bank to fail, following the collapses of Silicon Valley Bank, Signature Bank, and most recently, First Republic Bank in the last week.

On the Comex exchange, gold futures rose to match their all-time high of $2072 per ounce Thursday. According to Refinitiv, spot gold also rose to $2072.49 on Thursday, as well.

Gold is traditionally a hedge for investors in times of market uncertainty, to assuage risks and store value. Experts note that throughout history, investors have turned to it in times of economic instability, crises in the stock market, military conflicts, and pandemics.