While gold has been on a roll lately, reaching an all-time high and surpassing the $3,000 mark, analysts believe it will be going higher, as macro configures to allow the metal to reach new highs. Jeffrey Gundlach, known as the bond king for his success and expertise in fixed-income investments, has predicted that gold prices will continue increasing, tapping demand from central banks as the vector behind this upward movement.

In a recent macro outlook presentation titled “Not in My Neighborhood,” Gundlach remarked on the strength and gains that commodities such as copper and gold have shown. He criticized the safe predictions of some analysts, who foretold gold reaching $3,000 when it was on the verge of getting to that price.

He declared:

I think gold will make it to $4,000. I’m not sure that’ll happen this year, but I feel like that’s the measured move anticipated by the long consolidation at around $1,800 on gold.

Gundlach stated that this will be possible due to the change in the central banks’ stance on gold and their increased investment in it. This breaks a disinterest in the precious metal that took global levels to 34 billion SDR in 2010. This number now stands at 40.9 billion SDR, returning to levels reached between 1975 and 1980.

“I think that that’s in recognition of gold as a storehouse of value that’s more outside of the financial system which seems to be in a state of flux at this point,” Gundlach assessed.

Gundlach joins other institutions and analysts who believe that while gold has broken several all-time highs in the last months, it still has a path for further gains. Analysts from Australian firm Macquarie believe that gold might reach $3,500 in Q3, due to its role as a hedge without counterparty risk.

Read more: While Gold Recently Broke $3,000, Bulls Believe It Still Has Legs

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