Gold hit a new record high—and that’s an indicator of fear lurking within the stock market, Deutsche Bank says

Gold hit a new record high —something that normally happens when investors are fearful and seeking a safe haven. But the stock markets also hit a new record high—normally a signal of optimism. The reason? Investors are both bullish and afraid, Deutsche Bank says.

The price of gold hit another record high today, which Deutsche Bank thinks is a bit weird because stock market investors are optimistic right now, and gold usually only rises this dramatically during periods of fear.

The Comex gold futures contract hit $3,757.60 per ounce; the S&P 500 closed up 0.49% on Friday, hitting a new all-time high at 6,664.36. S&P futures are down 0.22% this morning, premarket.

Investors are both bullish on equities as well as being afraid that there are major downside risks, Deutsche’s Henry Allen sa