If someone told you in January to put $10,000 into gold GC00 instead of the Nasdaq Composite COMP or a bitcoin BTCUSD exchange-traded fund and that you’d thank them by October, you might not have believed it.

But gold has outshone them all; it is outperforming every major stock index from Shanghai to New York. The precious metal currently is at an all-time high and approaching $4,400 an ounce — yet there’s no global recession that typically would cause a flight to the safety of gold. On Oct. 15, JP Morgan Chase JPM Chief Executive Jamie Dimon said during a Fortune magazine event that “gold could easily to go $5,000 or $10,000 in environments like this.”