With a period of relative stockmarket calm following the routs of February and March, the price of gold has come back into focus as it reaches new highs.
The precious metal recently breached the $2,000 per ounce mark last week, comfortably beating the previous records set during the height of the debt crisis in 2011 and in the aftermath of the global financial crash in 2008.
This has caused investors to sit up and take notice, asking the question of whether gold still has a place in a portfolio or if now is the time to jettison it given it has served its purpose as a safe haven investment.
While the rise in the price has been something to behold, given the wider macroeconomic backdrop it is not entirely surprising.
In times of fear and panic on financial markets, investors will look to own gold in order to protect their portfolios against market falls.
Just in the last six months we have seen the euphoria of all-time stock market highs quickly replaced by the steep, sharp coronavirus-inspired falls, before these morphed into somewhat of a recovery.
If you ever need a case study for volatility, this was it.
Therefore, as a safe haven asset gold has been a valuable part of a portfolio. It has historically often delivered strong returns in period of equity market weakness and therefore offers a considerable benefit to portfolios where people are looking to diversify their return drivers with other assets.
The recent market volatility that was seen in the first quarter of the year, and the subsequent fears of second waves and further lockdowns, saw strong gains for investors.
But with stock markets now a lot calmer, is it time for investors to sell up?
Ultimately investors could be mistaken for selling now just because a new high has been hit. It is not just volatility on stock markets that causes the demand for gold to increase.
The price of gold also tends to rise when real yields fall, be that driven by lower bond yields or rising inflation.
Coronavirus has resulted in a huge amount of stimulus from central banks, with interest rates plunging below levels seen in the financial crisis over a decade ago, and unlikely to move upwards for some time.
It is this macroeconomic backdrop which suggests things are supportive for the price of gold and it could go even higher from here.