Bond-market legend Bill Gross has warned about the recent rally in gold prices and argued that credit risk concerns that have caused a selloff among regional banks will continue to impact stocks and bonds.

His comments came after gold (XAUUSD:CUR) and silver (XAGUSD:CUR) prices reached new all-time highs early this week before sliding on Friday as U.S.-China trade tensions eased, with President Donald Trump noting that a “full-scale” tariff on Chinese imports would be unsustainable.

“Gold has become a momentum/meme asset. If you want to own it, wait a while,” the Pimco founder said in an X post on Friday as Gold Trust ETF (NYSEARCA:GLD) recorded its first intraday drop after five straight sessions of gains and a YTD rally of ~61%.