Prices for fine wines have climbed to their highest levels since October 2011 on speculation that equities near record highs are poised to drop.

Wines and the funds that buy them are being viewed much like gold -- as a store of value in uncertain times -- after the U.K. voted to leave the European Union and the U.S. elected Donald Trump as president.

“Favorable macroeconomic conditions, constrained supply and robust demand will continue to drive the market,” said Chris Smith, an investment manager at the London-based Wine Investment Fund Ltd.

The fund returned 17 percent in 2016, boosting its net asset value to 248 million pounds ($310 million). “Prices to most buyers still look cheap in historical terms.”

A weaker pound is helping to make sterling-based wine contracts cheaper for overseas investors and boosting the value of indexes, which are denominated in the British currency and track the value of the most sought-after wines.

Chinese investors have also returned to the market after overstocking when prices were rallying in 2010, only to be followed by five years of losses.

More at Bloomberg.