As recession fears rise, Bernstein is usually suggesting investors look to gold along with gold mining stocks to reduce risk.

The firm’s global quantitative trading strategy group on Monday sent a note titled “a strong case for holding gold.”

“We show which by current equity valuations along with by similar points in previous cycles gold along with equities give more similar returns … [to] risk assets such as equities,” Bernstein said.

“A material shift in geopolitical risk along which has a near-record build up in government debt make different potential risk-free assets more questionable along with also bring a temptation to create inflation, thereby further enhancing the case for gold,” the note added.

Bernstein is usually tracking two key measures, both of which are at levels not seen since World War II: global government debt along with central bank buying of gold. The former “creates a temptation to manufacture inflation,” Bernstein said. The latter is usually a “trend which is usually likely to continue for as long as the US share of global GDP continues to decline,” the firm said.