As the markets oscillate in volatile conditions, gold-related ETFs have held steadfast and helped provide investors with some stability.

Over the past three months, the SPDR Gold Shares (NYSEArca: GLD) rose 3.8%, whereas the S&P 500 declined 11.4%. Since the start of October, when U.S. equities began to fall off, GLD has attracted $865 million in net inflows on increased safe-haven demand.

The World Gold Council also noted that money flowed back into gold-backed ETFs in October and November after four consecutive monthly outflows.

According to the Commodity Futures Trading Commission, for the first time in five months, bullish bets on gold from hedge fund and speculative investors outnumbered bearish wagers, the Wall Street Journal reports.

“I’m cautiously bullish,” James Steel, chief precious metals analyst at HSBC, told the WSJ. “The insurance-policy element of gold remains intact.”