Americans aren’t the only investors with a major appetite for gold these days. In fact, our European counterparts are putting American gold bulls to shame with the sheer amount of money flowing into gold-backed funds.

Fueled by fears over Donald Trump’s “America first” protectionist mentality, gold funds are seeing astronomical inflows this year. From Bloomberg:

The four exchange-traded funds backed by the metal that have attracted the most money this year are all based in Western Europe. Frankfurt-listed Xetra-Gold tops the list, bringing in about $544 million last week, the biggest weekly inflow since at least 2012, according to data compiled by Bloomberg. That’s more than 10-times the new money added into SPDR Gold Shares, the largest commodity ETF, data show.

The ongoing Brexit saga is another major concern for European investors. Great Britain is still trying to work out the details of exactly how it will withdraw from the EU, with a parliamentary vote reportedly in the works.

“People just want to be on the safe side,” Michael Blumenroth, a Frankfurt-based analyst at Deutsche Bank AG, said in a telephone interview. “If they see stock markets going down, then people think that gold will at least be an insurance. There’s a lot of uncertainties and that’s exactly driving the purchases of gold ETFs not only in Germany, but in London as well.”

Back in the U.S., the iShares Gold TrustETF (NYSE:IAU) was trading at $11.69 per share on Tuesday morning, down $0.01 (-0.09%). Year-to-date, IAU — which is the second largest gold-backed ETF in American markets — has gained 5.51%, versus a 1.36% rise in the benchmark S&P 500 index during the same period.

IAU currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #4 of 32 ETFs in the Precious Metals ETFs category.

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