The “Too Crowded” Gold Trade

According to the latest survey of fund managers by Bank of America, 49% say that gold is the most crowded trade. This marks the first time in 2 years that the Magnificent 7 tech stocks did not top the “overcrowded” survey. However, there’s a problem here. The fund managers responding to this survey clearly don’t know much about the gold market. My guess is they have not positioned their clients for the rise in gold, and are lashing out against bullion’s rise. Gold is by no means a crowded trade, as we will show today. Central banks are driving this...