After nearly half a decade of being shunned, gold is finally shining once again. Hedge funds are flocking to the asset in droves, but just buying this yellow metal isn’t enough, there are even better plays to buy today.

Gold is back over $1,300 an ounce for the first time in sixteen months after its best quarter in 30 years. This has pushed the SPDR Gold TrustETF (NYSEARCA: GLD) up nearly 20% this year, which comes after falling for three straight years.

Back in 2014, we said it was time to sell gold and buy regional banks and airlines. Things have changed a lot since then. Investors are losing confidence in central banks and their ability to keep the global economy growing. Thus, economic growth is less certain and interest rates could remain at record lows for even longer.

Economic growth wise, the U.S. gross domestic product was up just 0.5% in the first quarter. This was the worst performance in two years. There’s also the weakening dollar, which is further driving gold higher; given, Gold is priced in U.S. Dollars and is cheaper for foreign buyers when the dollar is weak.

The other tailwind for gold is the vicious cycle of low interest rates The Federal Reserve left rates unchanged again last month and it looks like their June meeting will go without a rate increase. As rates remain low, the dollar will continue to weaken.

In fact, hedge funds are betting the dollar will collapse. The last time hedge funds were making such an aggressive bet was against oil. Truly a vicious cycle that can continue pushing gold higher.

Gold has long been a great fear play and there’s plenty of fear mongering these days. This includes hedge fund managers Stanley Druckenmiller and Paul Singer.

Paul Singer of Elliott Management, which is known for his battle with the Argentine government, has said that the recent gold rebound is just the beginning. Meanwhile, Druckenmiller is taking a more direct approach, essentially telling investors to sell all their stocks and buy gold.