Investors who were burned by gold’s slump from a record are finally giving the precious metal a second look, thanks in part to uncertainty created by Donald Trump’s policies, according to a money manager overseeing about $8 billion in precious-metals-focused funds.

Family offices and pension funds looking to protect their wealth are shifting back to bullion after exiting the asset class some five years ago, said John Ciampaglia, the chief executive officer of Toronto-based Sprott Asset Management, which manages C$10 billion ($7.9 billion).

The metal’s appeal as a haven is being bolstered amid Trump’s shifting tone on issues including trade and military action in Syria, which have spurred volatility in equities, he said.

Bullion fell out of favor among investors when the precious metal entered a bear market in 2013. While prices have since rebounded, returning to a bull market about three years later, assets invested in gold are still way below their peak. Exchange-traded funds backed by the metal total almost $100 billion, compared with a record $150 billion in 2012, according to data compiled by Bloomberg.

“Gold does play the role of a safe-haven asset historically and almost like an insurance policy,” Ciampaglia said in a telephone interview. “There are people going back to gold. It’s not stampede, but it’s a trickle. ”