Gold is positioned for a dramatic rebound, according to a fund manager who predicted the precious metal’s rise last year to all-time highs. Diego Parrilla, manager of the $250 million Quadriga Igneo fund, believes investors have been failing to grasp the risks that will limit the Federal Reserve’s ability to unwind its huge economic stimulus program.

“The tapering process will be glacial in terms of speed,” Parrilla told Bloomberg News. “I think the drivers for gold strength, not only remain but actually have been strengthened.”

Parrilla argues the Fed can risk neither a rapid withdrawal of its government and mortgage-backed bond purchases—which amount to $120 million every month—nor a quick increase in the short-term interest rates it controls because doing so would burst the asset bubbles the central bank has created through ultra-easy monetary policy.

Anticipating continued low interest rates, Parrilla maintains gold could rise above $3,000 and as high as $5,000-an-ounce, within the next three to five years. Gold topped $2,075 in August of 2020 as the COVID-19 pandemic crushed the global economy. The precious metal has lost ground since June when Federal Reserve officials said they would begin discussing a timetable for tapering their bond purchases. But Federal Reserve Chairman Jerome Powell has stated that interest rate increases—which generally are bearish for non-interest bearing precious metals—remain far away.