Investors often look to gold as a “safe haven” asset that can retain or increase in value in times of market turbulence — but billionaire investor Howard Marks says he doesn’t favor the precious metal as an investment.

The price of spot gold rose above $2,000 per ounce last year for the first time ever as the Covid-19 pandemic crippled global economic activity and rocked financial markets worldwide. Gold prices have since come down, but some say it could hit new highs again in 2021.Marks — who is co-chairman and co-founder of Oaktree Capital — said the value of gold is “almost like a superstition.”