On Tuesday, as the Dow Jones Industrial Average and S&P 500 tumbled, the price of gold hit its highest level in a year, at $1,339.97 an ounce; shortly after the markets opened on Wednesday, it was up to $1,344.70. Given that investors cling to gold when they’re absolutely terrified about something, and over the weekend North Korea claimed to have detonated a hydrogen bomb, the gold rally has been attributed by some to the threat posed by the rogue state’s egotistical, unpredictable leader. But according to Goldman Sachs, the move to gold is not actually due to fears of nuclear annihilation, courtesy of Kim Jong Un. What investors are actually afraid of is the egotistical, unpredictable leader in the White House.

In a note to clients on Tuesday obtained by CNBC, the bank attributed gold’s resurgence not to a possible extinction event but the never-ending drama in D.C. that has led to uncertainty that Donald Trump will be able to accomplish anything on the legislative front. “We find that the events in Washington over the past two months play a far larger role in the recent gold rally followed by a weaker dollar,” Goldman wrote, saying it expects the gold rally to fade. The bank noted that Trump’s approval rating—which is, to use technical jargon, in the toilet—is a reasonable proxy for political risk, and that taken together with the weaker dollar, accounts for roughly 85 percent of gold’s recent rise.

While the authors conceded that tensions with North Korea are “very serious,” the market still seems to see military escalation and disarmament as “tail risks.” “North Korea may not really have an incentive to launch an attack as this would likely lead to retaliation. But it is also unlikely to give up nuclear capabilities as it likely sees them as a guarantee of its safety,” Goldman wrote. “As a result, from game theory perspective, it is a stable equilibrium.”

Perhaps putting a bit too much faith in Trump and Washington, the bank predicts that the gold rally will fade as the government comes together to get stuff done. “In coming months, the unfortunate aftermath of hurricane Harvey suggests that Washington is going to have to overcome their differences, pass spending bills, try harder to avoid a government shutdown and pursue infrastructure projects sooner than later,” it said.