By Kate Palmer
Hoarding gold is a centuries-old reaction to times of crisis, and the aftermath of the EU referendum vote is no different.
The yellow metal has soared in value since Britain voted to leave the European Union as investors shoot towards traditional "safe haven" assets. Prices have reached a three-year high as Brexit worries intensify.
An ounce of gold is now worth $1,327 (£1,003), up from $1,257 on June 23. However, the spike follows a sustained rally in the gold price throughout the year. The metal is now worth a quarter more an ounce than it was at the end of 2015.
But there's a dilemma: is the rally already over, or would it be foolish not to buy gold?
1. The Brexit effect
Gold has rallied since the Brexit vote, but there are signs calm is returning.
The FTSE 100 has recovered its poise following the installation of Theresa May as Prime Minister, allaying fears of political instability.
BullionVault, an online gold and silver marketplace, said its users traded a record £30m in gold on the Friday the Brexit result was revealed, but the market has since calmed.
"The private-investor market for gold and silver is well balanced, not panicked, after the Brexit price surge," said Adrian Ash, head of research at BullionVault.
"New interest in gold has turned sharply higher, led by US investors perhaps finding a warning of volatility in the Brexit vote ahead of November's presidential election."
2. Interest rates
Demand for gold typically climbs when interest rates are low. Although gold has no yield, it tends to offer investors a better place to park their money when returns from bonds and cash savings are poor - as they are when rates are low.