With the national debt standing at more than $35 trillion, economists fear that the country's debt load will only grow.

Brian Moynihan's warnings over the national debt may be falling on deaf ears, but that isn't going to stop the Bank of America CEO from sounding the alarm. Uncle Sam's national debt has tipped over the $35.

Bank of America strategists see 11% upside for gold by the end of next year as the Treasurys are threatened by soaring US debt levels.

Bank of America warns that gold may be the last true safe haven as the U.S. national debt climbs to unprecedented levels, casting doubt on the stability of traditional assets like Treasury bonds.

Bank of America released a bullish note on gold Thursday, just as the precious metal reached new record highs at $2,696 per ounce (oz). Gold remains “the ultimate perceived safe haven asset” in today's macroeconomic environment,