Joh. Berenberg Gossler & Co. plans to increase its holdings of gold and other precious metals, betting that demand will be lifted by uncertainty surrounding the outcome of the U.S. elections and the vote on the U.K.’s membership of the European Union.

Chief Investment Officer Manfred Schlumberger, who joined the Hamburg-based bank in January, expects gold, silver and platinum markets to rebound by as much as 40 percent in the next two years to a level last seen in October 2012. For that reason, Berenberg plans to double the share of precious metals in its investment portfolio to about 10 percent in the weeks ahead, he said. The company manages about 40 billion euros ($45 billion) of assets.

“People used to go for 10-year German government bonds or treasuries, but as they don’t offer any yield, more investors will consider buying bullion,” Schlumberger, 58, said in an interview. “It will be a segment that will benefit from political uncertainties like Brexit or a possible Donald Trump election victory.”

Gold prices have risen about 20 percent in 2016 after falling to a five-year low of $1,046.44 in December. Signals by the Federal Reserve that it will take a slow approach to raising interest rates amid risks to the global economy, combined with below-zero interest rates in Europe, have helped improve sentiment in the gold market.

Schlumberger is targeting an entry-level price of between $1,200 and 1,230 an ounce. That compares with $1,273.45 at the close of trading on Friday.

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