While the equity market suffers through wild swings, precious metals and related ETFs have their moment in the spotlight.

“The return of equity volatility in 2018 continues to push investors to reposition their portfolios. Investors have flocked back to gold as a potential hedge against volatility and particularly have sought shelter through gold exchange traded funds,” Maxwell Gold, director of investment strategy at ETF Securities, said in a note.

Gold ETFs accumulated a record 85.5 million ounces of gold globally back in December 2012 but saw a 76% drawdown in holdings over the following three years, hitting a low of 48.7 million ounces held. The drawdown was triggered by a fall-off in gold prices and caused many investors to ditch their gold exposure, but the trend reversed in 2016. Gold investors are now less speculative and more long-term strategic holders.

Related: Biggest Gold ETF Nets $1B in 2018 Inflows

There has been a recent uptick in interest for gold, especially in March when gold ETFs experienced nearly 20 metric tons of net inflows, putting global gold ETF holdings 20% below their 2012 peak.

“Year to date gold ETFs have increased holdings another 2% and steady inflows may continue to support the current trend higher in gold prices,” Gold said.

Silver, on the other hand, has not enjoyed the same treatment as gold this year. Despite improving fundamentals, a conducive macroeconomic backdrop and a significant discount to gold prices, silverís technicals remain a headwind, the ETF Securities analyst said. Speculative investor positioning on silver have remained negative since mid-February and on March 27th hit the lowest level on record, signaling an ongoing bearish outlook. However, this does not mean there is no upside potential.

Related: The Stars Be Aligned for $1,500 Gold

“Despite a rise in short positions by speculators, prices have not experienced extreme sell offs. Should silver ís robustness remain, investors may shift gears driven positive economic surprises or a rise market volatility. This may spark a significant short covering rally -propelling prices higher in the short term,” Gold said.

The analysts also pointed out that platinum may see support from higher emerging market growth, rising global industrial production and a continued positive outlook for the South African economy and ZAR amid political reform. Any further volatility could also help demand, along with gold. Palladium, though, has suffered in the short-term due to its high correlation to industrial metals, but its fundamentals remain positive over the long-term.

For more information on the gold market, visit our gold category.