Using methods from dynamical-systems theory, we reexamine the anomalous noise rise that has plagued Josephson-junction parametric amplifiers, devices potentially important for astrophysical measurements in the microwave regime. Our theory explains the puzzling gain-dependent noise temperature, and leads to new predictions which can be readily tested by experiments. Our explanation is based on a general theory of noise sensitivity near simple bifurcations: Thus, the same phenomenon should occur in other parametric amplifiers, e.g., those employing semiconductor lasers.