Bank of America survey: Going long on gold replaces going long on the Magnificent Seven U.S. stocks as the most crowded trade

Jinse Finance reported that the Bank of America's Global Fund Manager Survey for October shows that most investors believe "going long on gold" has become the most crowded trade in the market. A total of 43% of surveyed investors listed "going long on gold" as the most crowded trade, surpassing the 39% who chose "going long on the Magnificent Seven." The survey also shows that 39% of investors currently have nearly 0% gold positions, 19% allocate about 2%, and 16% allocate about 4%. According to statistics, the weighted average allocation ratio for gold is only 2.4%.