The decline in precious metals prices last month hasn’t scared away investors with a long-term bullish view on gold exchange traded funds.

Gold ETFs are down more than 10% over the past month.

However, managers of the best-performing commodity funds think gold prices will remain strong as investors seek out safe havens in a slowing economy, Reuters reported Friday.

“Our conclusion of the last month is that gold is not immune in a very negative global commodity and equity market environment, which was similar to the autumn 2008 experience,” said Peter Sigg, head of investment management for commodities at LGT Capital Management, in the report.

Russ Koesterich, iShares global chief investment strategist at BlackRock, said the key fundamental factors driving gold remain in place. He listed negative real interest rates after inflation, currency debasement and the U.S. deficit.

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