As gold prices keep hitting record highs, Jefferies analysts said shares of companies that mine the precious metal could still have room to rise.

Gold has been on a historic bull run so far this year, and it may be unlike anything we’ve seen before. People are sitting on record amounts of liquidity, but very limited places to put that into use.

Gold fell more than 1% on Tuesday after briefly touching a record high of $3,500 earlier in the session, as comments by U.S. Treasury Secretary Scott Bessent hinting at a thaw in U.S.-China trade tensions fueled optimism in equities and strengthened the dollar.