After bashing gold for the last four years, financial institutions are finally turning bullish on the future of the yellow metal.

Despite the gold price trading close to a 2 week low, JP Morgan are forecasting this is merely a blip and the price is set to break through $1,400 per ounce in 2016. In a negative interest environment gold is becoming more and more attractive to investors.

JP Morgan’s head of fixed income, currencies and commodities, Solita Maccelli, believes in the long term gold could potentially replace government debt as the ultimate safe haven asset. Despite this extremely bullish call, Maccelli would not be surprised to see the price retreat back to $1,260 in the short term.

UBS, Goldman and HSBC have all increased their price targets for gold 2016. UBS economist Jon Teves is expecting physical demand to drive the gold price to $1,350 by the fourth quarter.

Despite institutions calling for higher prices, the amount of short positions surged last week. As the gold price rose broke $1,300 per ounce the number of short positions rose rapidly in what could be interpreted as a deliberate act to cap the price.