It seems this erratic market has jittery investors putting their money into an old but time-honored asset.
You guessed it. Investors are pouring into gold. The precious metal jumped more than 3 percent on Friday to its highest level in nearly three weeks.
"There is ongoing nervousness in the market about the banking sector," explains Tom Kendall, precious metals strategist at Mitsubishi. "If you are looking to park your cash...there are not many options around and gold is an option."
Pete Najarian has also noticed the momentum. On CNBC’s Closing Bell he says “There’s been a lot of call buying and all the activity is in February. Investors are looking near term.”
In other words options traders are speculating that the price of gold could move even higher by the third week in February – the time of expiration.
Why is that?
Najarian explains that gold is currently trading at a critical technical level and if it breaks higher the move could be sizable. That 's seems likely to him due, at least in part, to investors moving out of currencies such as the pound and euro.
There are many ways to play it but Najarian likes the SPDR Gold Trust ETF best.
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CNBC.com with wires