Sebag says that in recent days, clients have been selling gold to reap profits from the post-Brexit bounce, and clients have favored the company’s vaults in Singapore and Switzerland over its vault in London.

Gold is not a hedge against market volatility, warns Sebag.

“That’s one of the biggest misunderstandings about it, that it’s somehow a tail-hedge protection,” Sebag says. “People use that misunderstanding to rationalize including gold in their portfolio constructions, but gold shouldn’t be compared to anything other than currencies. It’s not going to make people rich, and it’s not going to do as well as a great company like an Apple or a Google.”

Gold may be at or near a peak for the time being, says Sebag, but it’s a good place to be in the long term.

“I don’t see how the macro situation is going to improve,” says Sebag. “There are now around $12 trillion in negative-yielding bonds, but if you take all the gold today, it’s valued at around $7 trillion—the path of least resistance for gold is higher.”

If advisors do choose gold as a safe haven, they’re still left with a wide array of investment possibilities. GoldMoney offers stakes in physical gold bullion in vaults around the world.

Gold funds have also become a popular option, despite some investor concern about whether some of these funds actually have the physical reserves to back up their asset value. The SPDR Gold Trust ETF saw a 4.9 percent price increase the day after the Brexit result was announced, and the fund’s holdings rose by 2.7 tons in recent days.

However, investors can use part of their gold allocation to invest in gold miners, says Reik, which may provide some leveraged exposure to the precious metal. Sprott, based in Carlsbad, Calif., offers two factor-weighted gold miner funds, the Sprott Gold Miners ETF (SGDM) and the Sprott Junior Gold Miners ETF (SGDJ).

The miners have also enjoyed a post-Brexit resurgence, says Reik, and both SGDM and SGDJ ended June up more than 24 percent for the month.

Whether the bounce in gold prices is enough to clear up the miners’ balance sheets remains to be seen. Many gold companies borrowed heavily to expand their operations after gold prices soared to record highs in 2011, but have struggled since as prices dropped.