Gold is trading at its highest price in a year, and the yellow metal might already have the fuel to test levels last seen in 2013.

Gold for December delivery US:GCZ7 settled at $1,351.20 an ounce on Comex Friday—the highest finish for a most-active contract since Sept. 6, according to FactSet data. The gold-backed SPDR Gold Trust GLD, +0.13% touched a nearly one-year high on Thursday.

“All of the ingredients to break $1,400 are there—our debt is out of control and our deficit could skyrocket, especially with infrastructure plus military spending” on the back of a possible confrontation with North Korea, said Jeb Handwerger, editor of GoldStockTrades.com, which offers a newsletter focusing on mining exploration companies.

“We could be maybe weeks away from that $1,400 breakout, which could signal a new uptrend in gold not seen in many years,” he said. Gold prices haven’t traded above $1,400 since 2013. They also hit a high of about $1,687 that year.

Handwerger pointed out that a “major breakout” at $1,400 for gold could “lead to a reversal of the outperformance of stocks over gold into a market that favors precious metals and commodities over stocks.”

Last year, the metal climbed 8.6%, while the S&P 500 index added 9.5%. This year to date, however, gold prices have already climbed more than 17%, outpacing the S&P 500’s SPX, -1.11% roughly 10% rise.

“Wall Street is heavily under invested in precious metals, and even a little bit of capital flowing into these markets can spark a much larger price run,” said Peter Spina, president and chief executive officer of precious-metals information provider GoldSeek.com.

“As we know with Wall Street these days, it is more about chasing hot markets and as soon as [investors] see markets not presenting upside or just stalling with gold starting to move, we could see a rush back into gold that can shoot the price higher so quickly…it can stun even us gold bugs,” he said.

Investors, meanwhile, are also “concerned of growing black swans, most notably out of North Korea and the Middle East,” said Handwerger.

North Korea conducted a sixth nuclear test earlier this month, prompting U.S. Defense Secretary Jim Mattis to warn Pyongyang that any attacks on the U.S., Japan or South Korea “will be met with a massive military response, a response both effective and overwhelming.”

“Certainly, a war with North Korea would trigger a huge demand for safety and the uncertainty around this would be enough, in my view” to take gold to fresh all-time highs, said Spina.

He said that if the U.S. decides not to trade with countries doing business with North Korea, such as China, that would be “absolutely devastating economically, a real shock.” And while this would be an unlikely move, it’s all part of the “growing uncertainties that may fuel more interest for gold in the months ahead.”

And the metal may find continue to find further support from weakness in the U.S. dollar, as measured by the ICE U.S. Dollar Index DXY, +0.03% , which is set to post its first yearly decline in five years. Gold is traded in the dollar and a weaker greenback makes the metal less expensive for investors who use a stronger currency to buy it.

The dollar is “signaling it’s moving back into its secular downtrend after showing an impressive run despite massive money printing,” said Handwerger. “This run in the U.S. dollar was incredible and irrational but like every fiat currency can only defy gravity for so long, moving back into its secular bear market downtrend.”

The big moves for gold prices come six years to the month after they settled at an all-time high near $1,900 an ounce.

Prices saw a streak of yearly gains from 2001 to 2012, then suffered sizable declines in the three years that followed.

The losses were “painful but not unprecedented,” said Handwerger.

It’s possible that gold prices will “hit new highs by the end of this decade…if not sooner” as mine production drops by 2020, he said, citing a report that gold output will top out in 2019 before declining as mine supplies reach their peak.

In the shorter term, Spina agreed that “gold has all the conditions needed…to hit $1,400 and surge toward $1,600-$1,700 in the coming months.”

“With enough momentum and buying continuing, it will break free and make a much larger run,” he said. “It is unwise to be absent of precious metals in your portfolio at this time, and you will not see me taking any profits at these levels.”