The stock market is riding high, taking Joe Biden’s widening lead in the polls as a sign to discount the odds of a contested election. But some investors say it’s too soon to count out turmoil just yet, and that gold is poised to benefit from the uncertainty.

Fears eased this week that the election would fail to produce a clear winner, with traders pointing to polls suggesting a stronger lead for Democratic hopeful Biden. The possibility of a close vote and messy aftermath had made markets nervous in recent weeks while bolstering hopes for haven assets such as gold.