Jamie Dimon isn’t a fan of gold as an investment, but with the asset at record prices, he said adding it to your portfolio might actually make sense right now.

Gold, sought after by investors as a hedge against inflation and volatility, hit a record high of $4,201 per troy ounce Wednesday and is up about 59% on the year. Speaking at the Fortune Most Powerful Women Summit this week, the JPMorgan Chase chairman and CEO said the price could go up even more, based on the current state of the market.

“It could easily go to $5,000 or $10,000 in environments like this,” he said.

Dimon added that because of the skyrocketing price of the asset, which hit its 47th record close of the year this week, it may make sense to hold it.

Though Dimon said he’s “not a gold buyer,” noting “it costs 4% to own it,” he added that because of the current market, holding some gold may make sense.

“This is one of the few times in my life it’s semi-rational to have some in your portfolio,” he said.

Jamie Dimon, chairman and CEO of JPMorgan Chase, in conversation with Alyson Shontell, editor-in-chief of Fortune.

However, gold, which was hovering at about $2,000 just two years ago, is still expensive—though that trend “cuts across almost everything right now,” said Dimon.

Investors typically suggest allocating 5% or less of a portfolio to gold. Yet recently some finance leaders such as Ray Dalio, the founder of hedge fund Bridgewater Associates, have recommended higher allocations to gold. Dalio said earlier this month investors should put 15% of their portfolio into gold, which he called “a very excellent diversifier.”

Others in the financial world have sounded the alarm about the rise of gold, especially as its ascent could reflect investor anxiety over the economy. Citadel CEO Ken Griffin is among one of the top names sounding the alarm about gold’s unusual climb.

“I now view gold as a safe harbor asset in a way that the dollar used to be viewed. That’s what’s really concerning to me,” he told Bloomberg earlier this month.

Jamie Dimon says it’s the first time in his lifetime it’s ‘semi-rational’ to hold gold in your portfolio