Investors across the globe are squirreling assets into gold as the coronavirus outbreak spreads, according to an article in Bloomberg.

The article reports that late last month the amount of bullion in ETFs spiked to over 2,600 tons, adding, “After surging 18% last year, gold has extended its rally in 2020, with prices hitting the highest since 2013.”

According to Moody’s Analytics Chief Economist Mark Zandi, a global recession is likely to occur as a result of the pandemic, and Morgan Stanley commented that the threat of a prolonged downturn may keep gold elevated.